Parker’s acquisition of Tecknit strengthens Chomerics’ position as a leader in EMI shielding

Revenues of the acquired business totaled approximately $18.3 million in 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.

Commencing operations in 1958, the Tecknit business is headquartered in Cranford, New Jersey, employs approximately 250 people, and occupies over 90,000 square feet of manufacturing and office space in the U.S., UK, Mexico and China. Its manufacturing facilities are ISO 9001:2000 certified.

Steven Ferrie, CEO of Technical Wire Products, LLC stated, “The acquisition of the Tecknit division by Parker provides Tecknit’s customers, employees, and many valued business partners the opportunity to work with a world class company that is committed to providing innovative EMI Shielding Material solutions to the many markets that Tecknit serves.”

Tecknit will be integrated into Parker’s Chomerics division, a unit of Parker’s global Seal Group. Heinz Droxner, President of Parker’s Seal Group, commented that “Tecknit’s facilities in strategic locations in Europe, North America and Asia enable us to more effectively integrate manufacturing, sales, service and logistics to serve our global customers in an increasingly competitive environment. The acquisition of Tecknit adds value to Parker Chomerics’ leadership position in EMI shielding by providing complementary products for applications in telecommunications, defence, consumer and medical electronics.“