Parker-Hannifin Corp acquired Denison International plc for approximately $244 million ($24.00 per share in cash; Parker also acquired Denison's $61.7M balance-sheet cash), a transaction completed in February 2004, structured as all cash.
Denison International plc operates in Hydraulics Group, is based in Europe, Asia and North America (approximately 61% of revenue in Europe), had revenue of about approximately $180 million annual revenue. Denison International is an industrial manufacturer and service provider for highly engineered hydraulic fluid power systems and components, with annual revenues of approximately $180 million and roughly 1,150 employees across Europe, Asia and North America. About 61 percent of revenues were in Europe.
Denison's excellent performance and established leadership in Europe and Asia were expected to strengthen Parker and accelerate its growth momentum in those regions.
Established hydraulics leadership in Europe and Asia with consistently strong profit margins in its European business. Operates as a division of Parker's Hydraulics Group
We are extremely pleased to welcome Denison into Parker's worldwide family of leading motion-control technologies. Denison's excellent performance and established leadership in Europe and Asia will make us stronger, and accelerate our growth momentum in these regions.Don Washkewicz, President and CEO, Parker Hannifin
We are absolutely dedicated to growing the Denison business. We'll move quickly to integrate back-office systems, but top priority will be to serve our customers while keeping the strong operating performance of the business intact.Lee Banks, President, Parker Hydraulics Group
Advisory firms were not disclosed for this transaction.