Extrudit Ltd., a major European extruder of multilayer tubing for the brewing and beverage sectors, has been acquired by Cleveland-based Parker Hannifin Corp.
The Buxton, England, extruder gives Parker Hannifin a greater share of the beverage and industrial tubing markets, the U.S. industrial group said in a news release. The cash purchase price was not disclosed.
Privately owned Extrudit, which was founded in 1987, extrudes food-grade, multilayer tubing from materials such as polyethylene, PVC, ethylene vinyl acetate and polyvinylidene fluoride, in sizes of 0.12-2.4 inches.
The British firm, renamed Parker Extrudit Ltd., also makes insulation tubing for beverage bundle supplies, pipe for domestic water supplies and industrial tubing used in the plumbing and automotive sectors, according to its former owner, Stafford Rowland.
Extrudit projects sales of almost $5 million for fiscal 1998. The firm has doubled its Buxton plant to 20,000 square feet in the past decade. It employs 40.
About 70 percent of Extrudit's business is in the United Kingdom, but it also sells tubing in 27 countries, mainly Western European nations, Rowland said.
Stafford, who said he will act as a consultant to Parker Hannifin following the takeover, refused to reveal the plant's extrusion capacity or its equipment suppliers.
Parker Hannifin said it will integrate the Buxton operation into its fluid connectors division.
Extrudit's products ``meet U.S., British, German and European standards and many are patented,'' Parker Hannifin President Jack Myslenski said in the release.
Parker Hannifin makes motion and control components for a range of industrial and aerospace markets.
The group had 1997 sales of more than $4 billion.