Latest news with #BrianMelka
Time of India
01-07-2025
- Automotive
- Time of India
Parker-Hannifin expands electric vehicle portfolio with $1bn acquisition of Curtis Instruments
Motion and control products maker Parker-Hannifin on Monday said it has agreed to buy Curtis Instruments from power generation systems company Rehlko for $1 billion, expanding its portfolio of technologies used in electric and industrial vehicles. Curtis Instruments designs and manufactures parts such as motor speed controllers, instrumentation and traction systems for electric and conventional vehicles. The deal complements Parker's electric motor and motion control products . The combined offerings could also be used in forklifts and conveyors in manufacturing plants and in excavators and harvesters used in fields such as construction, agriculture and mining. The New York-based company expects sales of approximately $320 million in FY25. It operates in 16 countries and has manufacturing plants in Puerto Rico, Bulgaria and China. Curtis was acquired in 2022 by privately held Rehlko, then the power segment of manufacturing company Kohler before it was spun off in May 2024. The Milwaukee, Wisconsin-based Rehlko is now majority-owned by private equity firm Platinum Equity. "Parker is an exceptional company and we are confident Curtis will thrive from Parker's increased scale, focus, and investment," Rehlko CEO Brian Melka said. The all-cash deal is expected to close by the end of 2025, Parker said. "While investors may have been searching for an aerospace deal based on the high-growth potential in the end market, we believe the Curtis acquisition could serve a similar purpose in aligning the company's sales mix further toward secular growth theme," Jefferies analyst Stephen Volkmann wrote in a note. The Cleveland, Ohio-based Parker-Hannifin also makes airframe and engine components and aftermarket parts for the commercial aerospace and defense markets; it counts Boeing and Airbus among its customers. Sales in the aerospace segment rose 11.6% to $1.57 billion in the third-quarter ended March 31.
Reuters
30-06-2025
- Automotive
- Reuters
Parker-Hannifin expands EV tech with $1 billion deal for Curtis Instruments
June 30 (Reuters) - Motion and control products maker Parker-Hannifin (PH.N), opens new tab on Monday said it has agreed to buy Curtis Instruments from power generation systems company Rehlko for $1 billion, expanding its portfolio of technologies used in electric and industrial vehicles. Curtis Instruments designs and manufactures parts such as motor speed controllers, instrumentation and traction systems for electric and conventional vehicles. The deal complements Parker's electric motor and motion control products. The combined offerings could also be used in forklifts and conveyors in manufacturing plants and in excavators and harvesters used in fields such as construction, agriculture and mining. The New York-based Curtis expects sales of approximately $320 million in FY25. "Curtis adds complementary technologies to our existing industrial electrification platform, better positioning us to serve our customers as they continue the adoption of more electric and hybrid solutions," Parker CEO Jenny Parmentier said. Curtis was acquired in 2022 by privately held Rehlko, then the power segment of manufacturing company Kohler before it was spun off in May 2024. The Milwaukee, Wisconsin-based Rehlko is now majority-owned by private equity firm Platinum Equity. "Parker is an exceptional company and we are confident Curtis will thrive from Parker's increased scale, focus, and investment," Rehlko CEO Brian Melka said. Guggenheim Securities is serving as financial adviser to Parker in the deal. BofA Securities and Goldman Sachs & Co are serving as financial advisers to Rehlko. The all-cash deal is expected to close by the end of 2025, Parker said.
