CLARCOR Acquires Bekaert Advanced Filtration Business

  CLARCOR Acquires Bekaert Advanced Filtration Business

Business Wire

FRANKLIN, Tenn. -- December 3, 2013

CLARCOR Inc. (NYSE: CLC) announced that it has acquired the Bekaert Advanced
Filtration business from NV Bekaert SA for a purchase price of approximately
€6 million ($8 million), before various contractual adjustments. The Advanced
Filtration business is engaged in the same line of business as CLARCOR’s
subsidiary, Purolator EFP – the manufacture and supply of engineered metal
filters and systems used primarily in the polymer fiber and plastics
industries.

With estimated 2013 sales of approximately €15 million ($20 million), the
business, which has been renamed Purolator Advanced Filtration, has
approximately 170 employees and manufacturing facilities located in Belgium
and Indonesia, as well as sales personnel in North and South America. The
transaction also includes a supply contract under which the combined business
can continue to purchase specialized Bekipor® metal fiber filtration media
from Bekaert for incorporation into certain of the company’s products. The
acquisition is not anticipated to be materially accretive or dilutive to
CLARCOR’s 2014 earnings.

Christopher L. Conway, CLARCOR’s Chairman, President and Chief Executive
Officer commented, “Bekaert is known in the industry for its top level
engineering capabilities and superior product quality, and it is not uncommon
for customers with demanding applications to insist upon Bekaert Advanced
Filtration systems and filters. The acquisition of the Advanced Filtration
business will expand the technical capabilities of Purolator EFP, improve the
product offerings that the company brings to market and help us continue to
grow in Europe and in Asia.”

Commenting on the acquisition, Oliver Forberich, the General Manager of
Bekaert Fiber Technologies, agreed with Mr. Conway, stating, “This transaction
makes perfect sense for both parties. As a leader in polymer and plastics
filtration, Purolator EFP can grow its global footprint and leverage its
product catalog and sales and marketing strengths, while at the same time
Bekaert will focus on its core strength of providing advanced metal filtration
media.”

CLARCOR is based in Franklin, Tennessee, and is a diversified marketer and
manufacturer of mobile, industrial and environmental filtration products and
consumer and industrial packaging products sold in domestic and international
markets. Common shares of CLARCOR are traded on the New York Stock Exchange
under the symbol CLC.

Bekaert (www.bekaert.com) is a world market and technology leader in steel
wire transformation and coatings. Bekaert (Euronext Brussels: BEKB) is a
global company with headquarters in Belgium, employing 27,000 people
worldwide. Serving customers in 120 countries, Bekaert pursues sustainable
profitable growth in all its activities and generated combined sales of
€4.4billion in 2012.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements made in this press
release other than statements of historical fact, are forward-looking
statements. These forward-looking statements may include, among other things:
statements and assumptions relating to the expected results of operations of
the business to be acquired; statements regarding the anticipated economic
conditions of the industries and markets that we serve; statements relating to
the anticipated effects on results of operations or financial condition from
recent and expected developments or events; statements relating to the
Company’s business and growth strategies; and any other statements or
assumptions that are not historical facts. The Company believes that its
expectations are based on reasonable assumptions. However, these
forward-looking statements involve known and unknown risks, uncertainties and
other important factors that could cause the Company’s actual results,
performance or achievements, or industry results, to differ materially from
the Company’s expectations of future results, performance or achievements
expressed or implied by these forward-looking statements. These risks include
the failure to realize the economic and strategic benefits of the transaction,
the failure to retain the acquired business’ customer base, including those
customers referenced above as having demanding filtration needs, the risks of
not being able to integrate the acquired business with our own or to maintain
or improve the acquired business’ performance. In addition, the Company’s past
results of operations do not necessarily indicate its future results. The
Company’s future results may differ materially from the Company’s past results
as a result of various risks and uncertainties, including the risk factors
discussed in the “Risk Factors” section of the Company’s 2012 Form 10-K and
other risk factors detailed from time to time in the Company’s filings with
the Securities and Exchange Commission. You should not place undue reliance on
any forward-looking statements. These statements speak only as of the date of
this press release. Except as otherwise required by applicable laws, the
Company undertakes no obligation to publicly update or revise any
forward-looking statements or the risk factors described in this press
release, whether as a result of new information, future events, changed
circumstances or any other reason after the date of this press release.

Contact:

CLARCOR Inc.
David J. Fallon, 615-771-3100
Vice President - Chief Financial Officer
 
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