Parker Hannifin recently completed its acquisition of Clarcor Inc., a major manufacturer of filtration products, for approximately $4.3 billion in cash, including the assumption of net debt. The transaction creates a combined organization with a comprehensive portfolio of filtration products and technologies.
Clarcor joins Parker's Filtration Group and provides Parker with additional proprietary media, industrial and process filtration products and technologies, as well as a broad portfolio of replacement filters. It also adds more than a dozen respected Clarcor brands, including Clarcor, Baldwin, Fuel Manager, PecoFacet, Airguard, Altair, BHA, Clearcurrent, Clark Filter, Hastings, United Air Specialists, Keddeg and Purolator.
"This is an exciting new journey as we work together to build the next generation of filtration," said Tom Williams, Parker's chairman and chief executive officer. "Our enhanced filtration presence is expected to add resilience to our bottom line, improve operating margins and enable us to meet long-term growth goals, strengthening our ability to achieve top quartile financial performance."
An integration team has been formed, including employees from both Parker and Clarcor, and a detailed integration plan has been designed to capture synergies and allow for a smooth transition of the two organizations.
"The combination deeply expands our ability to help make our world cleaner and safer while equipping our team members with new opportunities to innovate and grow," said Rob Malone, Parker's Filtration Group president. "The acquisition also offers significant operating synergies from our combined strengths to better serve our customers."
For more information, visit www.parker.com.