Parker Hannifin acquires Crane’s Resistoflex Aerospace business
Parker Hannifin has acquired Resistoflex Aerospace, a $16 million business, from the Crane Company. Terms of the deal were not disclosed.
“Resistoflex Aerospace has served the specialized needs of aerospace customers for 70 years,” said Greg A. Ward, president of Crane Aerospace. “We believe the business will be in good hands with Parker.”
Based in Jacksonville, FL, Resistoflex Aerospace was founded in 1936 and has 84 employees. The company, which invented PTFE extruded hose, also produces tubes and swaged fittings and Nutlok, a separable fluid connector that does not require lockwire. It will be integrated into Parker Aerospace’s Stratoflex Products Division, headquartered in Ft. Worth, TX.
“We are delighted that Resistoflex Aerospace is joining the Parker team,” said Bob Barker, Parker Aerospace group president. “Its innovative product line is a strong complement to the fluid conveyance subsystem that we provide to the global aerospace market.”
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Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey