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CLEVELAND - Parker Hannifin Corporation (NYSE:PH), a $89.5 billion industrial powerhouse with a perfect Piotroski Score of 9 according to InvestingPro, announced Monday it has agreed to acquire Curtis Instruments, Inc. from Rehlko for approximately $1 billion in cash, a move aimed at expanding its electrification capabilities.
The transaction, expected to close by the end of 2025, is subject to regulatory approvals and customary closing conditions. Curtis Instruments designs and manufactures motor speed controllers, instrumentation, power conversion and input devices that complement Parker’s electric vehicle motors and electrification technologies. The acquisition aligns with Parker’s strong market position, reflected in its "GREAT" financial health score and trading near its 52-week high of $718.44.
Curtis Instruments expects sales of approximately $320 million in calendar year 2025, according to the press release statement.
"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," said Jenny Parmentier, Chairman and Chief Executive Officer of Parker Hannifin.
The acquisition aligns with Parker’s focus on electrification trends and its financial criteria for acquisitions. The company anticipates operational synergies through its business system, The Win Strategy.
Brian Melka, President and Chief Executive Officer of Rehlko, expressed confidence in the deal, stating that "Parker is an exceptional company and we are confident Curtis will thrive from Parker’s increased scale, focus, and investment."
Guggenheim Securities, LLC is serving as financial advisor to Parker, while BofA Securities, Inc. and Goldman Sachs & Co. LLC are advising Rehlko.
Parker Hannifin, a Fortune 250 company specializing in motion and control technologies, has increased its annual dividend per share for 69 consecutive fiscal years, currently offering a dividend yield of 1.03% with impressive 21.6% dividend growth in the last twelve months. Get comprehensive analysis and 13 additional key insights about Parker Hannifin with a InvestingPro subscription, including exclusive Fair Value calculations and detailed financial health metrics.
In other recent news, Parker-Hannifin Corporation reported its first-quarter 2025 earnings, surpassing analysts’ expectations with an adjusted earnings per share of $6.94, while its revenue slightly missed projections at $4.96 billion. Despite the revenue miss, the company demonstrated resilience with a notable 9.4% increase in net income and a 7% rise in adjusted EPS. The aerospace and defense segments showed strong growth, leading to a raised aerospace growth forecast of 12%. Stifel analysts raised Parker-Hannifin’s stock price target to $670, citing mixed expectations for future sales among domestic distributors. Additionally, Morgan Stanley initiated coverage on Parker-Hannifin with an Equalweight rating and a price target of $700, reflecting the company’s transformation and strong execution. In leadership news, Parker-Hannifin announced the retirement of Robert W. Malone, leader of its Filtration Group, with Matthew A. Jacobson set to succeed him. These developments indicate Parker-Hannifin’s strategic focus on enhancing its market position and operational efficiency.
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