CLEVELAND (AP) -- Parker Hannifin Corp., which makes industrial hoses, airplane wheels and other products, said Tuesday that it has acquired PGI International for an undisclosed sum.
Houston-based PGI International designs and manufactures specialized, high-pressure flow control components and systems for oil and gas, agriculture and petrochemical uses. It employs about 550 people, Parker Hannifin said.
Cleveland-based Parker Hannifin said PGI will become a part of its instrumentation group, strengthening its position in the oil and gas and general instrumentation markets.
In afternoon trading, Parker Hannifin shares fell 37 cents to $78.77.