Parker Hannifin To Acquire Gull Inc.
Parker Hannifin Corporation and Gull Inc. of Smithtown, N.Y., recently announced that a definitive agreement has been reached for Parker to acquire Gull, a leading producer of state-of-the-art fuel gauging and monitoring systems, engine-monitoring computers, firesuppression systems, and navigation- monitoring computers for military and commercial aviation.
Under the merger agreement, each share of Gull common stock will be converted into .7 Parker common share. The transaction involves a total of about 3.7 million shares of Parker. Parker also has an option to purchase approximately 20 percent of Gull's stock.
Gull recorded earnings of $4.7 million on sales of $72.9 million for its fiscal 1987, ended May 31. Parker is a leading producer of motion-control components and systems for industrial, automotive, aviation, space and marine markets. Sales in fiscal 1987, ended June 30, were $1.88 billion, with net income of $85.2 million.
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