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© edhar yralaits dreamstime.com Business | May 20, 2019

Parker to acquire LORD Corporation

Parker Hannifin Corporation, a motion and control technologies company, has entered into a definitive agreement to acquire LORD Corporation for approximately USD 3.675 billion in cash.

The transaction has been approved by the board of directors of each company and is subject to customary closing conditions, including receipt of applicable regulatory approvals. LORD, headquartered in Cary, North Carolina, is a privately-held company is a specialist in adhesives, coatings and specialty materials as well as vibration and motion control technologies. The company's products are used in mission-critical applications in the aerospace, automotive and industrial markets. LORD has annual sales of approximately USD 1.1 billion and employs 3,100 team members across 17 manufacturing and 15 research and development facilities globally. “This strategic transaction will reinforce our stated objective to invest in attractive margin, growth businesses, such as engineered materials, that accelerate us towards top-quartile financial performance,” says Tom Williams, Chairman and Chief Executive Officer of Parker. “LORD will significantly expand our materials science capabilities with complementary products, better positioning us to serve customers in growth industries and capitalize on emerging trends such as electrification and lightweighting. Ed Auslander, President and CEO of LORD, adds, “With complementary business segments, coming together with Parker enables LORD to carry out our grander vision. Parker is already a large tier one supplier in many areas, allowing our business lines immediate access to growth, additional markets, applications and new customers. In addition, the two companies are very much aligned when it comes to core values, great business acumen and cultural fit.” Upon closing of the transaction, LORD will be combined with Parker’s Engineered Materials Group.
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June 25 2019 8:13 pm V13.3.22-2