Parker Completes Acquisition of Velcon Filters
Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today announced that it has successfully completed its previously announced transaction to acquire Velcon Filters, LLC, from The Sterling Group LP, a private equity firm. Terms of the transaction were not disclosed.
Velcon is a niche manufacturer of filtration systems, including vessels and replacement cartridges that meet specific requirements for fluid filtration processes in a variety of domestic and international end-markets. Velcon has sales of approximately $115 million and 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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Source : Parker Hannifin Corp.