Parker-Hannifin announced on 29 April that it would be acquiring privately owned, North Carolina-based LORD Corporation for USD3.675 billion in cash.
Parker-Hannifin Chairman and Chief Executive Officer Tom Williams said that the acquisition would “significantly expand our materials science capabilities with complementary products, better positioning us to serve customers in growth industries and capitalise on emerging trends such as electrification and lightweighting.”
LORD will become part of Parker-Hannifin’s Engineered Materials group once the transaction is closed. Closure of the deal is expected within four to six months, depending on regulatory approval. Parker-Hannifin will be financing the transaction through the issuing of new debt.
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