Leading motion and control technology solutions provider, Parker-Hannifin Corporation ( PH ), recently signed a minor equity investment agreement with Freedom Innovations LLC, a California-based prosthetic solutions provider. This agreement comes as an extension of an earlier partnership between the two entities. Financial terms of the deal were kept under the wraps.
Parker-Hannifin and Freedom Innovations have been collaborating since Jul 2013 to develop smart, power-driven orthotics and prosthetics for people with disability.
This deal is in sync with Parker-Hannifin's aim of strengthening its foothold in the human motion and control business, especially for the neuro-rehabilitation, prosthetics and orthotics market.
At the center of this agreement lies the development of an exoskeleton named Indego. This motorized lower limb is being developed under the Engineered Materials Group of the human motion and control business division of Parker-Hannifin. The company expects the commercial launch to take place in the first half of 2015 for Europe, and thereafter in the U.S.
The investment from Parker-Hannifin will be significantly beneficial for Freedom Innovations, helping the latter to enhance their efforts for the development and marketing of advanced products and technologies. This, in turn, will be useful to numerous mobility-impaired patients.
Parker-Hannifin currently carries a Zacks Rank #2 (Buy). Some other stocks worth considering in the sector include Blount International Inc. ( BLT ), Barnes Group Inc. ( B ) and EnPro Industries, Inc. ( NPO ). While Blount International sports a Zacks Rank #1 (Strong Buy), both Barnes Group and EnPro Industries have the same Zacks Rank as Parker-Hannifin.
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