Parker Hannifin Corporation has completed a minority equity investment agreement with Freedom Innovations LLC. Freedom Innovations, headquartered in Irvine, CA, designs, manufactures, and markets advanced technology lower extremity prosthetic devices. 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," said Achilleas Dorotheou, Vice President and head of the human motion and control business unit for Parker. "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."