CLEVELAND (AP) — Parker Hannifin Corp. said Tuesday it bought Gulf Coast Seal Ltd., a maker of plastic sealing systems used in offshore oil and gas operations.
Terms were not disclosed.
Parker Hannifin, which makes pumps and controls for industrial and aerospace manufacturers, said the deal would expand its offerings to the oil and gas industry and add to earnings in the first full year.
Houston-based Gulf Coast Seal has annual sales of $45 million and about 160 employees.
Parker Hannifin shares fell $1.94, or 2.4 percent, to close at $78.46.