Parker Agrees to Acquire Velcon Filters
- to Strengthen Its Position in Aviation and Industrial Fuel and Process Filtration Applications
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.
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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"This acquisition brings us a leadership position in aviation and industrial fuel filtration under the Velcon and Warner Lewis product brands, particularly for aviation fuel which requires specialist expertise and certifications," said Peter Popoff, President - Filtration Group. "We are also strengthening our offering in process filtration markets such as oil and gas with the addition of the Twin Filter brand. We are excited about the opportunities to combine our strengths and extend our solutions to more customers, markets and geographies."
"Velcon is the leader in the jet fuel filtration market with a brand that has become synonymous with the highest standard for safety in the industry," said Greg Elliott, Partner at The Sterling Group. "Under Sterling's ownership, Velcon has seen a diversification of end-markets and geographies and has significant growth potential as part of Parker's Filtration Group."
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Source : Parker Hannifin Corp.