CLARCOR Completes Acquisition of Air Filtration Business from GE Power & Water

  CLARCOR Completes Acquisition of Air Filtration Business from GE Power &
  Water

Business Wire

FRANKLIN, Tenn. -- December 16, 2013

CLARCOR Inc. (NYSE: CLC) today announced that it has completed its previously
announced acquisition of the Air Filtration business of General Electric
Company’s Power & Water division, a leading supplier of air filtration systems
and filters used in gas turbine applications, as well as industrial air
filtration products and membranes. The acquired business will maintain and
promote the well-known BHA and Altair names and operate as CLARCOR Industrial
Air. The acquisition is expected to be accretive to CLARCOR’s 2014 earnings,
and the business’ results will be included as part of CLARCOR’s
Industrial/Environmental Filtration segment.

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 the Company are traded on the New York Stock
Exchange under the symbol CLC.

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 consummation of the proposed
acquisition; the historical results of operations of the business to be
acquired; statements regarding anticipated order patterns from customers,
including GE, or 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 complete the
acquisition and the failure to realize the economic and strategic benefits of
the transaction. 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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