Parker Hannifin acquires President Engineering Group Limited to strengthen its position in LNG market

Parker Hannifin today announced a previously completed transaction to acquire President Engineering Group Limited (PEGL) based in Sheffield, U.K. PEGL specializes in the design and manufacture of precision engineered cryogenic valves for liquefied natural gas (LNG), Industrial Gas applications and specialized equipment for mining safety applications. Terms of the transaction were not disclosed.
The acquired company has become a part of Parker’s Instrumentation Group and approximately 40 percent of revenues will be reported in the North American Diversified Industrial business and the remaining 60 percent of revenues will be reported in the international Diversified Industrial business.
John Greco, Vice President and President – Instrumentation Group, said: “This acquisition will strengthen Parker’s position in the LNG, Industrial Gas and Mining markets.”