Positive local impact predicted from Parker purchase of Clarcor

McCOOK, Neb. -- Parker Hannifin Corp., the parent company of one of McCook's leading employers, announced this month that it is entering into a agreement to acquire CLARCOR, Inc. for $4.3 billion in cash, including the assumption of net debt.

The agreement is of significance to Nebraska as one of Parker Hannifin's leading rubber-making plants is located in McCook, and one of CLARCOR's Baldwin Filter plants is located in Kearney.

"This is a huge announcement not only for the Parker family of companies, which includes McCook, but it's also big news for jobs in Nebraska," said Kirk Dixon, executive director of the McCook Economic Development Corp. "The Baldwin Filter plant in Kearney is now a part of the Parker family. This is great news for Nebraska. Something we can all feel really good about."

When word of the agreement was announced, Dixon met with Justin Hoeke, the Parker Hannifin plant manager, and Suzanne Fries, the materials manager, in McCook, along with Stan Klouse, NPPD, and Mathew Jorgensen, UN-L Extension, of Kearney.

The meeting was upbeat because the agreement opens up new career pathways within the Parker network and opens up upwardly mobile job roles across the enterprise," Dixon said.

Under terms of the agreement, Parker will purchase all of the outstanding shares of CLARCOR for $83 per share in cash. The transaction has been unanimously approved by the board of directors of each company.

CLARÇOR, headquartered in Franklin, Tenn., is a diversified marketer and manufacturer of filtration products with annual sales of approximately $1.4 billion and 6,000 employees worldwide.

"This strategic transaction is consistent with our stated objective to invest in businesses that accelerate Parker towards our goal of top quartile financial performance," said Tom Williams, chairman and chief executive officer of Parker.