Parker Has Completed Its Previously Announced Transaction to Acquire Velcon Filters

Parker Hannifin Corporation 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. Source: Parker Hannifin