Parker Hannifin Acquires Micro Thermo Tech

Parker Hannifin Corporation on Tuesday announced that it has acquired Micro Thermo Technologies, a Canada-based manufacturer of refrigeration controls and energy optimization systems used in supermarkets. Micro Thermo Technologies is owned by Carrier Corp, a leading provider of heating, air-conditioning & refrigeration solutions provider, and a part of United Technologies Corp business group. Financial terms of the deal were not disclosed.

This deal is a part of Carrier’s plans to exit the North American commercial refrigeration segment as it looks to shift focus on its core growth platforms. Parker will merge Micro Thermo Technologies into its Electronic business unit to boost its distribution system. Parker has been under intense competitive pressure in both domestic and foreign segments and this deal is expected to give the company a much-needed edge over its business rivals.

Micro Thermo Technologies is based in Quebec, Canada and has around 50 employees. The company reported 2009 revenues of approximately $10 million.

Parker Hannifin ranks amongst the global leaders in motion and control technologies and it reported annual sales of $10 billion in fiscal year 2010. Coincidentally, both Carrier and Parker Hannifin operate in the air conditioning segment though the latter has several other business interests as well.

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