Parker Hannifin will be acquiring Lord Corp to in a new USD $3.68 billion deal in cash. The deal is only subject to customary closing conditions ad each company’s board of directors have approved the transaction. Parker stated that once the deal is complete, Lord will become a part of its Engineered Materials Group.
Tom Williams, Parker Chairman and CEO said, “Lord will significantly expand our materials science capabilities with complementary products, better positioning us to serve customers in growth industries and capitalize on emerging trends such as electrification and light-weighting.”
Ed Auslander, President and CEO of LORD, commented. “With complementary business segments, coming together with Parker enables LORD to carry out our grander vision. Parker is already a large tier one supplier in many areas, allowing our business lines immediate access to growth, additional markets, applications and new customers. In addition, the two companies are very much aligned when it comes to core values, great business acumen and cultural fit.”
Image courtesy of Parker Hannifin