Parker Hannifin Corporation announced it has completed a minority equity investment agreement with Freedom Innovations LLC. The agreement expands Parker and Freedom Innovations’ partnership, which began in July 2013 with a technology collaboration related to intelligent, powered orthotics and prosthetics. Financial terms of the transaction were not disclosed.
“This agreement marks a significant step forward in our desire to build a meaningful business for Parker in human motion,” Achilleas Dorotheou, vice president and head of the human motion and control business unit for Parker, stated in a press release. “Freedom Innovations shares our vision of building smart, powered, connected devices that improve the quality of life for mobility impaired people. We look forward to collaborating with them as we establish a leadership position in the neuro-rehabilitation, prosthetics and orthotics markets.”
“We are pleased to expand our partnership with Parker Hannifin,” Maynard Carkhuff, chairman and CEO of Freedom Innovations, stated in the release. “The companies share mission-driven, dynamic cultures of innovation, which will make us strong collaborators as we develop leading platforms in the fast-growing and increasingly converging field of human mobility. This partnership and investment will also provide Freedom meaningful incremental resources to accelerate and expand our strategic growth initiatives, product development and global commercial franchise.”