Parker-Hannifin Corp acquires Exotic Metals Forming Company LLC

Parker-Hannifin Corp acquired Exotic Metals Forming Company LLC for $1.725 billion in cash (net of ~$170M expected tax benefits, ~$1.56 billion), a transaction completed in September 2019, structured as all cash.

Exotic Metals Forming Company LLC operates in Aerospace Group, is based in Headquartered in Kent, Washington; three locations in the United States, had revenue of about approximately $450 million expected annual sales. Exotic Metals Forming Company, headquartered in Kent, Washington, is a privately held company founded in 1966 that designs and manufactures technically demanding, high-temperature, high-pressure air and exhaust management solutions for aircraft and engines. Exotic had expected annual sales of approximately $450 million and 1,600 team members across three U.S. locations.

Reinforces Parker's commitment to high-growth, attractive-margin businesses and bolsters its aerospace offering with complementary products for performance-critical applications, increasing aftermarket and content opportunities on industry-leading programs.

Attractive-margin aerospace business with long-term agreements across high-growth programs and proprietary manufacturing capabilities. Approximately $13 million pre-tax run-rate synergies expected by fiscal year 2023 (cost to achieve ~$5 million). Operates as a standalone division within Parker's Aerospace Group

Advisory firms were not disclosed for this transaction.