Parker Hannifin Corp has completed its acquisition of Clarcor Inc, a major manufacturer of filtration products to the cement and other industries, for approximately $4.3 billion in cash, including the assumption of debt. Clarcor will join Parker’s Filtration Group.
“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,” said Tom Williams, Chairman and CEO of Parker.
The combined company will “help make our world cleaner and safer,” added Parker Filtration’s Group President, Rob Malone. “The acquisition also offers significant operating synergies from our combined strengths to better serve our customers.”
Clarcor’s Industrial Filtration business offers cement dust and powder collection solutions to the cement industry.