Parker Hannifin announced Thursday that it has completed its acquisition of Filtration Group Corp.
The motion and control technologies giant originally announced an agreement to acquire Filtration Group from Madison Industries late last year. The proposed transaction, valued at more than $9 billion, would establish “one of the largest global industrial filtration businesses,” Parker leaders said at the time.
Parker expects the newly added business to contribute about $1.8 billion in sales revenue in the first 10.5 months of ownership.
“The close of this transaction marks another milestone in our ongoing portfolio transformation, and we welcome our new team members to Parker,” Parker Chairman and CEO Jenny Parmentier said in a statement. “Strategically, the combination of our businesses creates a powerhouse offering of complementary filtration technologies and aftermarket presence that we believe strengthens our ability to serve customers globally.”
The deal is one of several major acquisitions for the company in recent months; Parker added Curtis Instruments last fall and reached an agreement to buy Circor’s aerospace division this spring. The company reported record sales of $5.8 billion in its latest quarterly financial results earlier this month.
