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29.07.2019 13:11:14

Parker Hannifin to acquire Exotic Metals in cash deal valued at about $1.56 billion

Parker Hannifin Corp. said Monday it has agreed to acquire Exotic Metals Forming Co. in a deal valued at a net $1.56 billion. Parker Hannifin makes equipment for the industrial and aerospace markets, while Exotic Metals is a privately held company based in Kent, Washington that specializes in making hard-metal fabrications for the aerospace and defense sector. The company has expected annual sales of about $450 million and employes 1,600 workers across three U.S. locations. The deal is expected to close in the next two to three months and to boost EBITDA margins, EPS and cash flow after accounting for one-time costs. "Exotic will significantly bolster our already strong aerospace offering with complementary products for performance-critical applications," Parker Hannifin Chief Executive Tom Williams said in a statement. The company will finance the deal with new debt. Shares were not yet active premarket, but have gained 17.3% in 2019, while the S&P 500 has gained 20.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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