Parker Completes Acquisition
Parker Hannifin Corp. announced 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.