Parker Hannifin to acquire CLARCOR
Parker Hannifin Corporation has entered into a definitive agreement to acquire CLARCOR, a manufacturer of mobile, industrial and environmental filtration products.
Parker will pay approximately $4.3 billion in cash, including the assumption of net debt.
Headquartered in Franklin, Tennessee, CLARCOR has annual sales of approximately $1.4 billion and 6,000 employees worldwide. CLARCOR adds a broad array of industrial air and liquid filtration products and technologies to Parker’s filtration portfolio.
“This strategic transaction is consistent with our stated objective to invest in businesses that accelerate Parker towards our goal of top quartile financial performance,” said Tom Williams, chairman and chief executive officer of Parker. “The combination of Parker and CLARCOR is highly complementary and offers a great opportunity to combine our strength in international markets and OEMs with CLARCOR’s strong U.S. presence and high percentage of recurring sales in the aftermarket.”