Headquartered in Franklin, Tennessee, USA, Clarcor is a diversified manufacturer of mobile, industrial and environmental filtration products with annual sales of approximately US$1.4 billion and 6000 employees worldwide.
Clarcor brands include Clarcor, Baldwin, Fuel Manager, PECOFacet, Airguard, Altair, BHA, Clearcurrent, Clark Filter, Hastings, United Air Specialists, Keddeg and Purolator.
When the transaction closes, Clarcor will be combined with Parker’s Filtration Group.
“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 CEO of Parker Hannifin. “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 US presence and high percentage of recurring sales in the aftermarket.”
The acquisition of Clarcor adds a broad range of industrial air and liquid filtration products and technologies to Parker Hannifin’s filtration portfolio.
With approximately 80% of Clarcor’s revenue generated through aftermarket sales, the acquisition is expected to significantly increase recurring revenue in Parker Hannifin’s Filtration Group.
“Joining Parker provides a terrific opportunity to accelerate our mission of making our world cleaner and safer while delivering an immediate and substantial cash premium to our shareholders and bolstering the confidence of our customers,” said Chris Conway, chairman, president and CEO of Clarcor.
“We believe Parker is an ideal fit for Clarcor as it shares both our culture and our passion for developing solutions to our customers’ complex filtration challenges. Becoming part of Parker, with its significant systems expertise and stellar reputation for quality and innovation, should only enhance and accelerate our strategic initiatives and technology development efforts, expand our growth plans and provide new opportunities for many of our employees,” added Conway.