Parker-Hannifin Corp acquires CLARCOR Inc.

Parker-Hannifin Corp acquired CLARCOR Inc. for approximately $4.3 billion in cash, including assumption of net debt ($83.00 per share), a transaction completed in February 2017, structured as all cash.

CLARCOR Inc. operates in Filtration Group, is based in Headquartered in Franklin, Tennessee, with operations worldwide, had revenue of about approximately $1.4 billion annual sales. CLARCOR, headquartered in Franklin, TN, is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products with annual sales of approximately $1.4 billion and 6,000 employees worldwide. Approximately 80 percent of CLARCOR's revenue was generated through aftermarket sales.

Consistent with Parker's stated objective to invest in businesses that accelerate it toward top-quartile financial performance; the combination is highly complementary, pairing Parker's international/OEM strength with CLARCOR's strong U.S. presence and high recurring aftermarket sales.

Strong recurring revenue (~80% aftermarket), complementary filtration products, and leading brands that broaden Parker's filtration portfolio. Approximately $140 million annual run-rate cost synergies expected three years after closing. Combined with Parker's Filtration Group to form a leading global filtration business

Advisory firms were not disclosed for this transaction.