Olaer has annual sales of approximately E150 million and employs 550 people. The company has manufacturing and sales facilities in the UK, France, Sweden and China and sales companies in 14 countries.
“This acquisition, once completed, will allow us to strengthen our position in key growth areas both geographically and by end market,” said Jeff Cullman, president of Parker Hannifin’s Hydraulics Group. “Olaer has built a strong position in Europe and a growing presence in Asia. Importantly, Olaer has a solid reputation in our target growth markets such as oil and gas, power generation and renewable energy. The acquisition would also expand our product offering with the addition of cooling technologies and deepens our expertise in bladder accumulator technology.”