Parker Hannifin Corporation, the global leader in motion and control technologies, announced it has signed an agreement to divest its North America Composites and Fuel Containment (CFC) Division to private investment firm SK Capital Partners. With the completion of this transaction the company will have successfully divested businesses and product lines over the past three years that total nearly $450 million in annual sales. The transaction is subject to customary closing conditions.
Parker’s CFC Division is headquartered in Erlanger, Kentucky and has five additional locations in the U.S. and Mexico, with annual sales of approximately $350 million. It became part of Parker’s Diversified Industrial Segment, North America businesses following the acquisition of Meggitt plc. CFC is a leading manufacturer of composites, fuel tanks and bladders.
Courtesy of Parker.