Cleveland-based Parker Hannifin Corp., has signed an agreement to acquire the Olaer Group, Chester, England. Olaer manufactures advanced hydraulic accumulator and cooling technologies. Its US headquarters are in Houston.

Olaer has annual sales of approximately 150 million Euros ($200 million) and employs 550 people. The company has manufacturing and sales facilities in the United Kingdom, France, Sweden and China and sales companies in 14 countries. The acquired company will be integrated into Parker’s Hydraulics Group as part of the Industrial Segment. Approximately 88% of the sales will be reported as Industrial International and 12% reported as Industrial North America.

“This acquisition, once completed, will allow us to strengthen our position in key growth areas both geographically and by end market,” said Jeff Cullman, President of Parker’s Hydraulics Group. “Olaer has built a strong position in Europe and a growing presence in Asia. Importantly, Olaer has a solid reputation in our target growth markets such as oil and gas, power generation and renewable energy. The acquisition would also expand our product offering with the addition of cooling technologies and deepens our expertise in bladder accumulator technology.”

“Joining Parker is absolutely the right move for Olaer now,” said Mike Blenkinsop, CEO, Olaer Group. “This transaction will secure Olaer’s continued development, with the added dimension of being an integral part of one of the world’s leading manufacturing companies.”