Parker Hannifin Corp has completed its acquisition of filtration group CLARCOR Inc for approximately $4.3bn in cash.
Parker said the deal was “a highly complementary combination” and “creates a combined organization with a comprehensive portfolio of filtration products and technologies”.
CLARCOR has joined Parker’s Filtration Group and will provide Parker with additional proprietary media, industrial and process filtration products and technologies, as well as a broad portfolio of replacement filters.
“This is an exciting new journey as we work together to build the next generation of filtration,” said Parker chairman Tom Williams. “Our enhanced filtration presenceà‚ is expected to add resilience to our bottom line,à‚ improve operating margins, andà‚ enable us to meet long-term growth goals, strengthening our ability to achieve top quartile financial performance.”à‚
Rob Malone, Parker’s Filtration Group President, said the acquisition also “offers significant operating synergies from our combined strengths to better serve our customers”.
Parker Hannifin feature article: Predictive beyond preventiveà‚
CLARCOR feature article:à‚ The cost of ineffective filtration