Parker Hannifin to Add to Irvine Aerospace Unit

Parker Hannifin Corp. has signed an agreement to acquire the Abex/NWL division of Pneumo Abex Corp. for about $193 million in cash. The Kalamazoo, Mich., division, which makes aerospace hydraulic equipment, will become part of Parker Hannifin’s Irvine unit, Parker Bertea Aerospace. The transaction is expected to be completed in April.