Parker Hannifin Corp. will form a new medical unit from the six businesses of HTR Holding Corp. that it has acquired for an undisclosed sum.
The HTR companies, which previously operated as the Hi-Tech Group, will become the Medical Systems Division within the company's Seal Group. A company spokesman said Parker anticipates its life sciences and biosciences division will benefit from the acquisition of the companies, which had combined sales of $93 million in fiscal 2007.
The Hi-Tech group of companies provides precision plastic and elastomeric components for medical devices such as intravenous equipment, drug-infusion pumps, masks, septums, respirator hoses, catheters and diaphragms sold directly to original equipment manufacturers. The group performs injection molding and rapid prototyping, and produces components for various pump valves, liquid-control valves and other nonmedical devices.
The acquired companies collectively employ more than 800, working in 400,000 square feet of manufacturing space. These firms include Infinity Plastics, Hi-Tech Rubber Inc., Inland Technologies Inc., Ventrex Inc., Accusil Inc. and A.C Hoffman Engineering. Five of the six manufacturing plants are in California, with a sixth in Merrillville, Ind. The deal was announced April 4.
Hi-Tech Rubber and Inland make precision components and assemblies for medical devices and medical disposables, and have thermoforming capabilities. Hoffman makes fluid-control valves, diaphragms, seals and closures. Accusil extrudes, fabricates, injection molds and assembles silicone medical devices, as a contract manufacturer.
Parker Hannifin, a manufacturer based in Cleveland, provides motion and control technologies. Its annual sales exceed $10 billion. The firm said the purchase is expected to be accretive to earnings within the first full year of operations.