Filtration, fluid connectors and motion control products Parker Hannifin completed the previously announced divestiture of its North American Composites and Fuel Containment Division (CFC) to SK Capital Partners.
Terms of the transaction were not disclosed.
The Erlanger, KY-based CFC division produces composites, fuel tanks and bladders. With six manufacturing facilities located across the U.S. and Mexico, it generated 2023 annual sales of around $350 million.
Mayfield Heights, OH-based Parker Hannifin originally shared July 29 that it agreed to sell the CFC Division to New York-based private investment firm SK Capital Partners.
“We are pleased to have completed this sale for the North America Composites and Fuel Containment Division,” Parker Hannifin Chairman and CEO Jenny Parmentier said in a Nov. 4 news release. “One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization. We wish the CFC team continued success under the ownership of SK Capital Partners, whom we are confident has the expertise to help this already strong business achieve its full potential.”
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