Parker Hannifin Buys Velcon
Parker Hannifin Corp. said it has signed an agreement to acquire Velcon Filters, LLC, Colorado Springs, Col. from The Sterling Group LP, a private equity firm. Velcon is a manufacturer of filtration equipment and replacement cartridges for the aviation, industrial fuel, and industrial process filtration markets. Terms of the transaction were not disclosed and are subject to regulatory approval.
Velcon reported sales of $115 million for the twelve months ended August 31st, 2012, has approximately 300 employees globally and 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.