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Parker Hannifin Acquires Markwel Hose Industries
CLEVELAND -- Parker Hannifin Corp. has acquired Markwel Hose Products PVT Ltd., a manufacturer of braided and spiral hydraulic hose products with operations in Mumbai and Hyderabad, India, officials announced recently. Markwel has annual sales of approximately $13 million.Terms of the agreement were not disclosed. The acquisition is expected to be accretive to earnings this year."The addition of Markwel to Parker's world-wide connector platform provides our Asia customers another key ingredient to their total motion and control needs," said Joe Vicic, president, Asia Pacific, for Parker. "Markwel's considerable expertise and quality product offering complements our Asia Pacific connector manufacturing capability which will now include major manufacturing and customer support operations in South Korea, China and India."Markwel's manufacturing operation in Hyderabad and headquarters in Mumbai employ 350 in the production of hydraulic hose products that are integral components of the hydraulic systems of heavy duty mobile and industrial machinery. Parker manufactures all major components of hydraulic systems that power and control equipment across a broad range of applications worldwide.Parker Hannifin is a diversified manufacturer of motion and control technologies and systems. The company employs more than 48,000 in 46 countries."