We represented CLARCOR Inc. (NYSE: CLC) in its definitive agreement to be acquired by Parker Hannifin Corporation (NYSE: PH) for approximately $4.3 billion in cash, including the assumption of net debt. The transaction is expected to be completed by or during the first quarter of Parker's fiscal year 2018. Additional details about the definitive agreement can be found in the official news release posted on the CLARCOR website.
Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for ten years and served as lead counsel on the transaction.
CLARCOR, headquartered in Franklin, TN, is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products with annual sales of approximately $1.4 billion and 6,000 employees worldwide. CLARCOR adds a broad array of industrial air and liquid filtration products and technologies to Parker's filtration portfolio.
With annual sales of $11 billion in fiscal year 2016, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company has operations in 50 countries around the world. Parker has increased its annual dividends paid to shareholders for 60 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.