Parker Acknowledges DOJ Filing Regarding its U.S. Qualified Aviation Ground Fuel Filtration Business
September 26 2017 - 6:11PM
Parker Hannifin Corporation (NYSE: PH), the global leader in motion
and control technologies, today acknowledged that the U.S.
Department of Justice (DOJ) has filed a complaint regarding
Parker’s U.S. qualified aviation ground fuel filtration business in
connection with Parker’s acquisition of CLARCOR, Inc. The
estimated combined annual revenue attributable to Parker’s and
CLARCOR’s U.S. qualified aviation ground fuel filtration elements
under inquiry is less than $20 million.
Parker’s acquisition of CLARCOR Inc. was announced on December
1, 2016 and closed on February 28, 2017. The customary
waiting period applicable to the requisite transaction filing under
the Hart–Scott–Rodino (HSR) Antitrust Improvements Act of 1976,
expired on January 17, 2017. The Company noted that no second
request for information was made prior to the expiration of the
customary waiting period. Parker has cooperated fully with the DOJ
throughout this process and has been working diligently to respond
to their post-closing inquiry. Parker is now reviewing the
complaint and looks forward to the ultimate resolution of this
matter.
About Parker HannifinParker Hannifin is a
Fortune 250 global leader in motion and control technologies. For
100 years the company has engineered the success of its customers
in a wide range of diversified industrial and aerospace
markets. Parker has increased its annual dividend per share
paid to shareholders for 61 consecutive fiscal years, among the top
five longest-running dividend-increase records in the S&P 500
index. Learn more at www.parker.com or @parkerhannifin.
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Media –
Aidan Gormley, Director, Global Communications and Branding
216/896-3258
aidan.gormley@parker.com
Financial Analysts –
Robin J. Davenport, Vice President, Corporate Finance
216/896-2265
rjdavenport@parker.com
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