Parker-Hannifin Corp acquires LORD Corporation
Snapshot
Parker-Hannifin Corp acquired LORD Corporation for approximately $3.675 billion in cash in October 2019. The transaction was structured as all cash. LORD Corporation is a Headquartered in Cary, North Carolina, with manufacturing and R&D facilities globally-based Engineered Materials Group business.
- Acquirer
- Parker-Hannifin Corp
- Target
- LORD Corporation
- Value
- approximately $3.675 billion in cash
- Date
- October 2019
- Type
- full acquisition (merger)
- Status
- ready
The deal at a glance
About this deal
Parker-Hannifin Corp acquired LORD Corporation for approximately $3.675 billion in cash, a transaction completed in October 2019, structured as all cash.
LORD Corporation operates in Engineered Materials Group, is based in Headquartered in Cary, North Carolina, with manufacturing and R&D facilities globally, had revenue of about approximately $1.1 billion annual sales. LORD Corporation, headquartered in Cary, North Carolina, is a privately held company founded in 1924 offering a broad array of advanced adhesives, coatings and specialty materials as well as vibration and motion control technologies for mission-critical aerospace, automotive and industrial applications. LORD had annual sales of approximately $1.1 billion and 3,100 team members across 17 manufacturing and 15 R&D facilities globally.
Reinforces Parker's objective to invest in attractive-margin, high-growth businesses such as engineered materials; significantly expands materials science capabilities and positions Parker for electrification and lightweighting trends.
Attractive-margin, high-growth engineered materials business with strong brands and exposure to electrification and lightweighting. Approximately $125 million pre-tax run-rate cost synergies expected by full-year 2023 (cost to achieve ~$80 million). Combined with Parker's Engineered Materials Group
No advisory firms have been disclosed for this transaction.