Parker Hannifin Corporation, a leader in motion and control technologies has announced that it has signed an agreement to acquire Sea Recovery, headquartered in Compton, CA from Danfoss A/S.
Parker will assume ownership of the acquired business on November 1st, 2012. Sea Recovery is a leading manufacturer of small to high capacity reverse osmosis systems for sea water desalination used primarily in commercial and pleasure marine applications. Terms of the transaction were not disclosed.
Sea Recovery had sales of approximately $26 million for the last twelve months ending August 31st and 70 employees, and has been engineering and manufacturing sea water reverse osmosis systems since 1981.
The acquired company will become part of Parker’s Filtration Group and approximately 47% of revenues will be reported in the North American Industrial segment and the remaining 53% of revenues will be reported in the International Industrial segment.
Peter Popoff, president of Filtration Group said, “This acquisition supports our water purification growth strategy and further strengthens Parker’s global leadership position in creating fresh water for commercial marine and large yacht markets.
“Sea Recovery product lines help Parker expand its offering across geographic and end market applications. Their dedicated global sales and service organisation is a strategic fit with our existing world class distribution network and will enable Parker to provide customers with the most advanced seawater desalination systems anywhere in the world.”
Nis Storgaard, Danfoss chief development officer added, “We are happy that we have found a new owner that is ready to support Sea Recovery and its employees to further develop and grow the business."