Parker Hannifin is buying the Italian firm ITR from its owner, the SAIAG Group, for $68m in cash. ITR, which makes hose, fittings and rubber compounds for hydraulic, industrial and other applications, had sales worth around $147m in 2000.

ITR employs 1,600 people and has production plants in Italy, Brazil and China. It will be integrated into Parker`s fluid connectors business. Phil Stamp, president of the business for Europe, says that ITR`s products will complement those that Parker acquired when its bought Dayco recently. It will also strengthen Parker`s presence in the Italian, Chinese and Brazilian markets.