Deals
Parker-Hannifin’s $4.3 Billion Purchase Deepens Filter Bet
- Purchase of Clarcor expands portfolio as energy slump eases
- Acquisition is Parker’s biggest since at least the 1990s
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Parker-Hannifin Corp. is making its biggest acquisition ever, moving to expand a portfolio of industrial filters by agreeing to acquire Clarcor Inc. for about $4.3 billion including debt.
The cash offer of $83 a share represents a premium of 18 percent to Clarcor’s closing price on Wednesday, according to a statement Thursday by Cleveland-based Parker. Clarcor’s market value was $3.4 billion on Wednesday.