, Columnist
Parker-Hannifin Is Hot in Cleveland
The Ohio manufacturer's offer for Clarcor looks financially sound and strategically sensible.
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Rare M&A participant Parker-Hannifin Corp. is striking while the iron's hot.
The Cleveland-based manufacturer of motion-control technology is acquiring Franklin, Tennessee-based Clarcor Inc., which makes air and liquid filtration products used in everything from bus engines to oil drills as well as at manufacturing plants. At a total value of $4.3 billion, including net debt, this is by far 99-year-old Parker-Hannifin's largest acquisition.