Parker makes $4.3 billion buy
Cleveland’s Parker Hannifin shares jumped after it said it would acquire the maker of Baldwin air and motor oil filters for $4.3 billion.
Parker Hannifin will pay $83 a share for Clarcor, the Franklin, Tennessee-based owner of Baldwin, Hastings and other filter brands. The price represents a roughly 18 percent premium to Clarcor’s Wednesday closing price of $70.45. The companies put the value of the deal at approximately $4.3 billion, including debt. The transaction is expected to close by or during Parker’s fiscal 2018 first quarter. It must still be approved by Clarcor shareholders. Clarcor had just over 6,000 employees at the end of last year and annual sales of about $1.5 billion. Parker had sales last year of $11.3 billion and about 49,000 employees. Parker Hannifin shares closed Thursday up 3.3 percent at $143.47.