Parker Hannifin Corporation, the global leader in motion and control technologies, today announced that it has entered into a definitive agreement to acquire Exotic Metals Forming Company LLC. The transaction has been approved by the Board of Directors of each company and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
Exotic Metals, headquartered in Kent, Washington, is a privately held company founded in 1966 that designs and manufactures innovative and technically demanding, high temperature, high pressure air and exhaust management solutions for aircraft and engines. Exotic Metals has expected annual sales of approximately $450 million and employs 1,600 team members across three locations in the United States.
"This strategic acquisition further reinforces our commitment to investing in high growth, attractive margin businesses and accelerates our goal of achieving top-quartile financial performance among our diversified industrial peers," said Tom Williams, Chairman and Chief Executive Officer of Parker. "Exotic will significantly bolster our already strong aerospace offering with complementary products for performance-critical applications. As a result of the acquisition, we will be better positioned to accelerate growth through increased aftermarket opportunities and expanded content on industry leading programs. The acquisition is expected to drive substantial value for Parker's shareholders. We expect the transaction to be accretive to organic growth, EBITDA margins, EPS and cash flow, excluding one-time costs."
Bill Binder, President and CEO of Exotic Metals, commented, "The Parker heritage and culture embodies the values Exotic has held dear throughout our 53-year-old history as a family business. The combination of our two companies will be highly complementary and enables Exotic to flourish and grow by better serving our customers and our people. Parker provides our business access to additional platforms and opportunities to expand our aftermarket offerings. Most importantly, Parker and Exotic both have long, successful histories of providing high quality solutions to the aerospace industry, a genuine focus on maintaining deep and lasting customer relationships and fostering an environment of technical innovation and entrepreneurial spirit among our team members."
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|Exotic Metals Forming Company LLC||Bellows, Brazing, APU Components, Combustion Chambers, Engine Parts, Manifolds & Ducts|