With revenues last year of US$304 million, the Dayco assets acquired include Imperial-Eastman products and a wide array of hydraulic and industrial hose and connectors, as well as proprietary compounding technologies for a broad range of applications.

In Australia, Parker Hannifin (Australia) acquired the fluid transmission assets of Dayco Pacific, suppliers of a range of hoses, manifolds, adaptors, valves, pipes, filtration equiment and dust suppression systems to the mining industry.

“Parker Hannifin has a long and proud history in the Australian market and has enjoyed the position of market leader in its areas of expertise for a considerable period of time,” said Myles Reilly, managing director, Parker Hannifin (Australia). “We see the joining of Parker and Dayco as a further opportunity to build and develop business with our customers and partners, always with the goal of impeccable customer service at the forefront of our minds.”

"This business adds important new products to our fluid connectors line, and fully complements Parker's broader capabilities," said Parker operating officer Jack Myslenski. "The industrial products bring us a unique opportunity to merge technologies and assist customers in supplier rationalisation. Now we're capable of offering a wide range of highly proprietary rubber and thermoplastic hose assemblies that are essential to key niche markets such as mining, marine, petroleum, construction and injection molding."

Economies of scale in procurement and manufacturing will allow both businesses to offer hose and fittings made from a wider variety of materials that will be compatible with a broader range of fluids and media.

With annual sales of US$6 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 45,000 people in 45 countries around the world.