Motion control specialist Parker Hannifin has acquired President Engineering Group Limited (PEGL) – in an attempt to strengthen its LNG, mining, and industrial gas offering.
Based in the UK, PEGL specialises in the design and manufacture of technically advanced, precision engineered cryogenic valves for LNG and industrial gas applications and specialised equipment for mining safety applications.
PEGL had revenues of £19m (approximately $29m) in its latest financial year and has 120 employees. 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.
PEGL is a recent recipient of Britain’s prestigious Queen’s Award for International Trade and British Chamber of Commerce Manufacturer of the Year title.
The acquired company has become a part of Parker’s Instrumentation Group and approximately 40% of revenues will be reported in the North American Diversified Industrial business and the remaining 60% 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. “This acquisition will strengthen Parker’s position in the LNG, Industrial Gas and Mining markets. We are excited about the opportunities to combine our organisations and extend more solutions to our customers.”