Parker Hannifin Corporation to acquire Exotic Metals Forming Company for $1.7bn.

Parker Hannifin Corporation, the global leader in motion and control technologies, agreed to acquire Exotic Metals Forming Company, a privately held company founded in 1966 that designs and manufactures innovative and technically demanding, high temperature, high pressure air and exhaust management solutions for aircraft and engines, for $1.7bn. “This strategic acquisition further reinforces our commitment to investing in high growth, attractive margin businesses and accelerates our goal of achieving top-quartile financial performance among our diversified industrial peers,” said Tom Williams, Chairman and Chief Executive Officer of Parker. “Exotic will significantly bolster our already strong aerospace offering with complementary products for performance-critical applications. As a result of the acquisition, we will be better positioned to accelerate growth through increased aftermarket opportunities and expanded content on industry leading programs. The acquisition is expected to drive substantial value for Parker’s shareholders. We expect the transaction to be accretive to organic growth, EBITDA margins, EPS and cash flow, excluding one-time costs.”