Parker Hannifin Corp., an $8 billion Cleveland-based manufacturer of motion and control technologies and systems, has acquired SSD Drives Holding Ltd., a global manufacturer of AC and DC motor controllers and servo drives, from private equity firm Compass Partners International Ltd. Terms of the deal, announced Aug. 9, were not disclosed.
SSD Drives (formerly Eurotherm drives), with U.S. headquarters in Charlotte, N.C., had fiscal 2005 revenues of $165 million, with about 60 percent of its business in Europe. SSD Drives has four main manufacturing facilities—in the United Kingdom, France, Germany and the United States—with a sales presence in more than 40 countries.
“This is a strategic acquisition for Parker. It not only significantly increases our automation product offering, but SSD Drives’ well-established footprint in Europe and presence in China also gives us a very strong position in the global electromechanical and drives market,” said Parker Chairman and Chief Executive Officer Don Washkewicz.
SSD Drives AC and DC drives, servo drives, motors and systems are sold to original equipment manufacturers, end-users and integrators in automated industrial process applications. It will become part of Parker’s Automation Group, with results reported within the company’s Industrial Segments.