Parker makes $4.3 bil­lion buy

Daily Freeman (Kingston, NY) - - BUSINESS -

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.

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