CLEVELAND, Aug 09, 2005 /PRNewswire-FirstCall via COMTEX/ -- Parker Hannifin Corporation (NYSE: PH) and SSD Drives Holding Limited today jointly announced that Parker has acquired SSD (formerly Eurotherm Drives) from the private equity firm Compass Partners International Limited for an undisclosed amount. SSD Drives had fiscal 2005 annual revenues of $165 million, with approximately 60 percent of its business in Europe. The acquisition is expected to be accretive to earnings within the first full year of integration.

SSD Drives has four main manufacturing facilities, including one each in the United Kingdom, France, Germany and the United States, and a sales presence in more than 40 countries. The company employs about 1,000 people worldwide and manufactures AC and DC drives, as well as servo drives, motors, and systems for leading original equipment manufacturers, end users, and integrators in automated industrial process applications. SSD Drives serves global target markets such as plastics, converting, packaging, extrusion, printing, pulp and paper, primary metals and general industrial automation. It will become part of Parker's Automation Group, with results reported within the company's Industrial Segments.