Parker Hannifin Corp., a motion and control technologies company, has completed its acquisition of Exotic Metals Forming Company LLC, a manufacturer of technically demanding, high-temperature, high-pressure air and exhaust management solutions for aircraft and engines, for $1.725 billion in cash.
Exotic Metals Forming will become a stand-alone division and will continue to be led by Bill Binder, formerly Exotic President and CEO.
Chairman and CEO of Parker Tom Williams said, “The addition of Exotic significantly expands our capabilities and increases Parker’s offering in the attractive engine segment, serving high growth programs. This strategic transaction reinforces our stated objective to invest in attractive margin, growth businesses, such as aerospace, that accelerate us towards top-quartile financial performance.”
An integration team has been formed and a detailed integration plan is underway, which is expected to facilitate a smooth transition between Parker and Exotic and allow realization of synergies between the two organizations.