Parker Acquires President Engineering Group to Strengthen LNG Services
Parker Hannifin Corporation announced a previously completed transaction to acquire President Engineering Group Limited (PEGL) based in Sheffield, U.K. PEGL specializes in the design and manufacture of precision engineered cryogenic valves for LNG and Industrial Gas applications and specialized equipment for mining safety applications.
PEGL had revenues of approximately $29 million in its latest financial year and employed 120 people. Their products, including the Bestobell, Conflow and Bretby Gammatech brands, assist in the acquisition, transport and storage of LNG and help monitor and suppress dust and ash during mining operations.
The acquired company has become a part of Parker’s Instrumentation Group and approximately 40 percent of revenues will be reported in the North American Diversified Industrial business and the remaining 60 percent of revenues will be reported in the International Diversified Industrial business.
“The addition of PEGL provides product and manufacturing technologies and expanded systems capabilities along with solid brand names,” said John Greco, Vice President and President – Instrumentation Group. “We are excited about the opportunities to combine our organizations and extend more solutions to our customers.”