Parker Hannifin Corporation has announced the divestiture of the Wynn Oil automotive specialty chemicals business unit to Illinois Tool Works Inc. for an undisclosed amount.
The divested business has annual revenues of approximately $110 million U.S.
Based in California, Wynn Oil develops and manufactures chemical car care products and maintenance equipment for the automotive industry. The business was acquired with Parker’s July 2000 purchase of Wynn’s International, a leading producer of seals and sealing compounds.
Parker Chairman and CEO Don Washkewicz commented, “Wynn Oil is a strong and profitable business, with a very hard-working and talented staff. Our goal was to find a strategic partner for Wynn Oil that could grow the business and better serve customers, employees and distributors and ITW is a great match.”
With annual sales of more than $7 billion U.S., Parker Hannifin is a leading manufacturer of motion and control technologies and systems for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 48,000 people in 46 countries around the world.
ITW is a $10.0 billion U.S. in revenues diversified manufacturer of engineered components and industrial systems. The company consists of approximately 625 decentralized operations in 44 countries and employs some 47,500 people.