LYONS, N.Y. – The Mobile Climate Systems Division of Parker Hannifin Corp. has reached an agreement to sell to Annex Manufacturing of Fort Worth, Texas, the assets of its mobile and automotive thermo expansion valve (TXV) product line. The sale includes Parker Hannifin’s inventory of complete assemblies and sub-assemblies and intellectual property to include engineering drawings and product patents. Financial details of the agreement were not disclosed.
Under the agreement’s terms, Annex has the exclusive, worldwide right to manufacture and sell Parker’s TXVs, which will be especially beneficial for all customers impacted by Parker’s previously announced decision to end its production of TXVs, said the company.
“Parker and Annex have known each other for some time, always respecting each other’s position in the marketplace. This agreement is good for customers, employees and the community and upholds our commitment to easing our transition out of manufacturing these products,” said Ron Weil, division general manager. “Importantly, our customers are assured that they will experience continuity in service and reliability and for substantially all the employees associated with the Lyons TXV plant, there is an opportunity to become employed with Annex. Parker and Annex are developing a smooth transition plan to maintain product quality and on-time deliveries.”
On July 15, Parker announced its intention to close two manufacturing facilities located in Lyons, N.Y., in 2009. Under the transition plan, Parker will continue to operate one plant on Depew Avenue until Oct. 23, and on Oct. 24, Annex will begin full plant operation, having leased the building and purchased all necessary manufacturing and testing equipment.
Annex Manufacturing Inc. is a 20-year business based in Fort Worth, Texas. The company specializes in the manufacture of automotive, truck and industrial climate control products and manufactures a broad range of HVAC products for the aftermarket and as a Tier 1 and Tier 2 supplier to major domestic OEMs and OESs. “Acquiring the Parker automotive and mobile TXV product line is part of Annex’s strategic expansion plans aimed at solidifying our onshore manufacturing base. We are thrilled to be the successor for Parker’s loyal TXV customer base,” said Steve Gilman, president and CEO of Annex.
