Parker Hannifin Corporation, the global leader in motion and control technologies, announced that a Proposed Final Judgment has been filed by the U.S. Department of Justice (DOJ) in the U.S. District Court for the District of Delaware.
The Proposed Final Judgment seeks approval of a settlement resolving the matters described in the complaint filed by DOJ on September 26, 2017 regarding Parker’s U.S. qualified aviation ground fuel filtration business.
Under the terms of the Proposed Final Judgment, and subject to court approval, Parker will divest its global Facet filtration business. The Facet filtration business includes the U.S. qualified aviation ground fuel filtration business under inquiry by DOJ, plus filtration products and technologies for other aviation fuel, marine, environmental and general applications.
Parker will retain the rest of the CLARCOR businesses and its aviation ground fuel filtration business owned prior to the CLARCOR merger and marketed under the Parker Velcon brand name.
Parker issued the following statement:
“We are pleased to reach this proposed settlement with the Department of Justice. Through this agreement, Parker will sell the Facet filtration business, providing an opportunity for a wide range of strategic buyers to enter this sought after business. Parker anticipates court approval of the Proposed Final Judgment and looks forward to ultimately resolving this matter. We continue with the successful integration of the broader filtration businesses acquired in the CLARCOR merger.”
Parker closed its acquisition of CLARCOR Inc. for approximately $4.3 billion on February 28, 2017. Estimated annual revenues for the CLARCOR business are approximately $1.5 billion, of which the Facet filtration business accounts for approximately $60 million.