Parker Agrees to Acquire Velcon Filters to Strengthen Its Position in Aviation and Industrial Fuel and Process Filtration Applications - Press Releases
Business Review USA - over 4 years
CLEVELAND, Oct. 5, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has signed an agreement to acquire Velcon Filters, LLC, from The Sterling Group LP, a private equity firm. Velcon is a global market leader in the manufacturing of filtration equipment and replacement cartridges for the aviation, industrial fuel, and industrial process filtration markets. Terms of the transaction were not disclosed and are subject to regulatory approval.
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Velcon reported sales of $115 million for the twelve months ended August 31st, 2012 and has approximately 300 employees globally. The acquired company will become a part of Parker's Filtration Group. Approximately 33% percent of revenues will be reported in the Industrial North America segment and 67% percent reported in the Industrial International segment.
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