Cleveland-based industrial manufacturer Parker Hannifin recently completed the purchase of Eaton Corp.'s Aeroquip Air Conditioning and Refrigeration business for an undisclosed amount, effective Aug. 31, 2001.

The AC&R unit has annual revenues of about $75 million, more than 600 employees and a facility in New Haven, Ind. It produces mechanical controls and fluid systems for the residential and commercial air conditioning and refrigeration markets.

Parker plans to operate the unit as a new division of its Climate and Industrial Controls business. As a core business for the company, the product and assembly technology brought by AC&R fill out Parker's total systems capability to include everything from accumulators and dryers to receivers and regulators, as well as all types of valves, couplings and controls for residential and commercial markets.

Eaton will retain exclusive rights to the Aeroquip brand name.