Parker-Hannifin Corp acquires Airtek

Parker-Hannifin Corp acquired Airtek, a transaction completed in January 2007, structured as Acquisition of the business; terms not disclosed.

Airtek operates in Filtration Group (Industrial North America), is based in Lancaster, New York, USA. Parker acquired the business of Airtek, a Lancaster, New York-based leading provider of drying and filtration equipment for compressed air, employing about 130 people with 2006 revenues of roughly $18 million. Airtek became part of Parker's global filtration business with results reported in the Industrial North America segment.

Rounds out Parker's compressed-air treatment offering from compressor to point of use and drives additional aftermarket demand for filters, replacement elements and accessories.

Advisory firms were not disclosed for this transaction.

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