Parker Acquires Cabett Subsea

Parker Hannifin, a leading provider of motion and control technologies, has acquired Cabett Subsea, a designer and manufacturer of fluid handling systems and services used in deepwater oil and gas exploration and production. Revenues of the acquired business totaled approximately $25.1 million in 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.

Commencing operations in 1985, Cabett Subsea is headquartered in Houston, Texas, and employs approximately 35 people. The company produces steel tube hydraulic and electro-hydraulic umbilicals, typically made in three to sixteen mile continuous lengths, at its 85,000 square foot dockside manufacturing plant in Freeport, Texas. The Port of Freeport offers rapid access to the open waters of the Gulf of Mexico, a jumping-off point for the world oil market. Cabett's location is extremely attractive to clients for ease of logistics, mobilization of related equipment, and it supports factory acceptance and system integration testing programs that are common to almost all major oil projects.

Cabett Subsea will be integrated into Parker's worldwide Fluid Connectors Group within the company's Industrial North America segment. Commenting on the transaction, Parker Fluid Connectors Group President Bob Bond said, "The acquisition of Cabett Subsea brings outstanding technology, along with a world class manufacturing facility, to Parker's upstream oil and gas market platform. Their proven engineered umbilical designs that are being used globally complement our hose technology and will expand our systems offering to key customers that discover and produce the world's energy."

John Martin, CEO of Cabett Subsea stated, "Becoming part of the world's leading motion and control company provides Cabett Subsea with all the tools necessary to grow the business to the next level. Our customers, employees, and many valued business partners are looking forward to the many opportunities that a growing world class company like Parker can offer."

With annual sales exceeding $9 billion, Parker Hannifin a diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 57,000 people in 43 countries around the world.

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