Parker Hannifin Acquires Clarcor Filtration Company

Parker Hannifin Corporation (NYSE: PH) ("Parker") and CLARCOR Inc. (NYSE: CLC) ("CLARCOR") today announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt.

Under the terms of the agreement, Parker will purchase all outstanding shares of CLARCOR for $83.00 per share in cash. This represents a premium of approximately 17.8 percent to CLARCOR’s closing share price on November 30, 2016, a premium of approximately 29.2 percent to CLARCOR’s volume-weighted average share price over 90 days, and a premium of approximately 17.1 percent to CLARCOR’s all-time and 52-week high. The transaction has been unanimously approved by the Board of Directors of each company.

The combination of Parker and CLARCOR is highly complementary and offers a great opportunity to combine Parker's strength in international markets and OEMs with CLARCOR’s strong U.S. presence and high percentage of recurring sales in the aftermarket.

About Parker Hannifin
With annual sales of $11 billion in fiscal year 2016, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial, and aerospace markets. The company has operations in 50 countries worldwide. Parker has increased its annual dividends paid to shareholders for 60 consecutive fiscal years, ranking among the top five longest-running dividend-increase records in the S&P 500 index.

About CLARCOR
CLARCOR is based in Franklin, Tennessee, and is a diversified marketer and manufacturer of mobile, industrial, and environmental filtration products sold in domestic and international markets. Common shares of CLARCOR are traded on the New York Stock Exchange under the symbol CLC.