Parker Hannifin To Acquire Exotic Metals Forming Company For $1.7B

Parker Hannifin Corporation (NYSE: PH) will acquire Exotic Metals Forming Company LLC for $1.725 billion in cash.

The transaction has been approved by the board of directors of each company. The net transaction value is approximately $1.56 billion.

"This strategic acquisition further reinforces our commitment to investing in high growth, attractive margin businesses and accelerates our goal of achieving top-quartile financial performance among our diversified industrial peers," said Tom Williams, CEO of Parker. "Exotic will significantly bolster our already strong aerospace offering with complementary products for performance-critical applications."

Parker Hannifin shares were trading down 1.35% at $174.89 on Monday. The stock has a 52-week high of $193.19 and a 52-week low of $140.82.

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