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Parker Hannifin completes US$4.3bn acquisition of Clarcor
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Industry news
Filtration+Separation March/April 2017
Suez and CDPQ to acquire GE Water in €3.2bn deal French utility Suez and Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) have entered into a binding agreement to purchase GE Water & Process Technologies from General Electric Co for an enterprise value of €3.2 billion. With operations in 130 countries and over 7500 employees, GE Water generated approximately US$2.1 billion in revenues in 2016. Suez is forming a 70/30 joint venture with CDPQ to acquire 100% of GE Water in an all cash transaction. Suez will then contribute its existing industrial water activities to a new self-standing Industrial Water business unit. CDPQ is investing more than US$700 million for its 30% stake.
forward to integrating GE Water’s highly skilled staff to our teams to form an unparalleled industrial water platform,” said Chaussade. “Operating in a core industry, GE Water has built a premier business with recurring revenues and a high-quality and diversified customer base. This investment is therefore highly aligned with CDPQ’s long-term vision and its strategy of increasing its emphasis on stable assets anchored in the real economy, alongside key operators such as Suez,” said Michael Sabia, president and CEO of CDPQ. The deal is expected to close by mid-2017 and is subject to receipt of required regulatory approvals and other customary closing conditions.
Freudenberg invests in US filter production Freudenberg Filtration Technologies has added a state-of-the-art cabin air filter production line to its manufacturing facility in Hopkinsville, Kentucky, USA. The new high-speed edge band converting line will increase the facility’s output and ensure product quality. Freudenberg Filtration Technologies says that the multimillion dollar investment confirms its commitment to the US automotive market. The filter company employs more than 120 people at its Hopkinsville location which houses sales, development and manufacturing. www.freudenberg-filter.com
Jean-Louis Chaussade, CEO of Suez, said the acquisition of GE Water will accelerate the implementation of Suez’s strategy by strengthening its position in the promising and fast-growing industrial water market. “I look
Last year CDPQ partnered with German investment company SKion to acquire Ovivo Inc. www.gewater.com www.suez-environnement.fr www.cdpq.com
Mann+Hummel: Preliminary 2016 sales revenue of €3.5bn The Mann+Hummel Group met its forecast with preliminary sales revenue of €3.5 billion in the 2016 financial year. The Affinia Group, which was acquired in May 2016, contributed approximately €500 million to Mann+Hummel’s sales revenue last year.
earnings therefore we look forward to the financial year of 2017 with optimism and energy,” said Alfred Weber, president and CEO of Mann+Hummel. The filter manufacturer’s annual financial statement will be released in May 2017. www.mann-hummel.com
“In 2016 we made some important strategic decisions. The successful acquisition of the Affinia Filtration Group and the restructuring of important production locations in Germany and Brazil will enable us to further improve profitability in the coming years. The fourth quarter of 2016 was positive in terms of sales revenue and www.filtsep.com
Mann+Hummel’s Technology Centre in Ludwigsburg, Germany.
Freudenberg Filtration Technologies' Dr Erek Speckert (left), Global VP of Operations, and Barry Kellar, Global VP of Automotive Filters at the opening ceremony.
Parker Hannifin completes US$4.3bn acquisition of Clarcor Parker Hannifin Corp has sealed its acquisition of filter maker Clarcor Inc for approximately US$4.3 billion in cash, including the assumption of net debt. Clarcor joins Parker Hannifin’s Filtration Group adding proprietary media, industrial and process filtration products and technologies, as well as a broad portfolio of replacement filters. The acquisition also brings more than one dozen Clarcor brands to Parker Hannifin, including Clarcor, Baldwin, Fuel Manager, PECOFacet, Airguard, Altair, BHA, Clearcurrent, Clark Filter, Hastings, United Air Specialists, Keddeg and Purolator. Parker Hannifin says that while it has strong relationships with original equipment manufacturers and customers in international markets, Clarcor contributes a solid US presence especially for recurring sales in the aftermarket.
“This is an exciting new journey as we work together to build the next generation of filtration,” said Tom Williams, chairman and CEO of Parker Hannifin. “Our enhanced filtration presence is expected to add resilience to our bottom line, improve operating margins, and enable us to meet long-term growth goals, strengthening our ability to achieve top quartile financial performance.” “The combination deeply expands our ability to help make our world cleaner and safer while equipping our team members with new opportunities to innovate and grow,” said Rob Malone, Parker Hannifin’s Filtration Group president. “The acquisition also offers significant operating synergies from our combined strengths to better serve our customers.” www.parker.com www.clarcor.com
Industry news
Filtration+Separation March/April 2017
Suez and CDPQ to acquire GE Water in €3.2bn deal French utility Suez and Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) have entered into a binding agreement to purchase GE Water & Process Technologies from General Electric Co for an enterprise value of €3.2 billion. With operations in 130 countries and over 7500 employees, GE Water generated approximately US$2.1 billion in revenues in 2016. Suez is forming a 70/30 joint venture with CDPQ to acquire 100% of GE Water in an all cash transaction. Suez will then contribute its existing industrial water activities to a new self-standing Industrial Water business unit. CDPQ is investing more than US$700 million for its 30% stake.
forward to integrating GE Water’s highly skilled staff to our teams to form an unparalleled industrial water platform,” said Chaussade. “Operating in a core industry, GE Water has built a premier business with recurring revenues and a high-quality and diversified customer base. This investment is therefore highly aligned with CDPQ’s long-term vision and its strategy of increasing its emphasis on stable assets anchored in the real economy, alongside key operators such as Suez,” said Michael Sabia, president and CEO of CDPQ. The deal is expected to close by mid-2017 and is subject to receipt of required regulatory approvals and other customary closing conditions.
Freudenberg invests in US filter production Freudenberg Filtration Technologies has added a state-of-the-art cabin air filter production line to its manufacturing facility in Hopkinsville, Kentucky, USA. The new high-speed edge band converting line will increase the facility’s output and ensure product quality. Freudenberg Filtration Technologies says that the multimillion dollar investment confirms its commitment to the US automotive market. The filter company employs more than 120 people at its Hopkinsville location which houses sales, development and manufacturing. www.freudenberg-filter.com
Jean-Louis Chaussade, CEO of Suez, said the acquisition of GE Water will accelerate the implementation of Suez’s strategy by strengthening its position in the promising and fast-growing industrial water market. “I look
Last year CDPQ partnered with German investment company SKion to acquire Ovivo Inc. www.gewater.com www.suez-environnement.fr www.cdpq.com
Mann+Hummel: Preliminary 2016 sales revenue of €3.5bn The Mann+Hummel Group met its forecast with preliminary sales revenue of €3.5 billion in the 2016 financial year. The Affinia Group, which was acquired in May 2016, contributed approximately €500 million to Mann+Hummel’s sales revenue last year.
earnings therefore we look forward to the financial year of 2017 with optimism and energy,” said Alfred Weber, president and CEO of Mann+Hummel. The filter manufacturer’s annual financial statement will be released in May 2017. www.mann-hummel.com
“In 2016 we made some important strategic decisions. The successful acquisition of the Affinia Filtration Group and the restructuring of important production locations in Germany and Brazil will enable us to further improve profitability in the coming years. The fourth quarter of 2016 was positive in terms of sales revenue and www.filtsep.com
Mann+Hummel’s Technology Centre in Ludwigsburg, Germany.
Freudenberg Filtration Technologies' Dr Erek Speckert (left), Global VP of Operations, and Barry Kellar, Global VP of Automotive Filters at the opening ceremony.
Parker Hannifin completes US$4.3bn acquisition of Clarcor Parker Hannifin Corp has sealed its acquisition of filter maker Clarcor Inc for approximately US$4.3 billion in cash, including the assumption of net debt. Clarcor joins Parker Hannifin’s Filtration Group adding proprietary media, industrial and process filtration products and technologies, as well as a broad portfolio of replacement filters. The acquisition also brings more than one dozen Clarcor brands to Parker Hannifin, including Clarcor, Baldwin, Fuel Manager, PECOFacet, Airguard, Altair, BHA, Clearcurrent, Clark Filter, Hastings, United Air Specialists, Keddeg and Purolator. Parker Hannifin says that while it has strong relationships with original equipment manufacturers and customers in international markets, Clarcor contributes a solid US presence especially for recurring sales in the aftermarket.
“This is an exciting new journey as we work together to build the next generation of filtration,” said Tom Williams, chairman and CEO of Parker Hannifin. “Our enhanced filtration presence is expected to add resilience to our bottom line, improve operating margins, and enable us to meet long-term growth goals, strengthening our ability to achieve top quartile financial performance.” “The combination deeply expands our ability to help make our world cleaner and safer while equipping our team members with new opportunities to innovate and grow,” said Rob Malone, Parker Hannifin’s Filtration Group president. “The acquisition also offers significant operating synergies from our combined strengths to better serve our customers.” www.parker.com www.clarcor.com