Parker Hannifin — a Mayfield Heights, OH-based manufacturer of filtration, fluid connectors and motion control products — agreed to divest its North American Composites and Fuel Containment (CFC) Division to SK Captial Partners, a New York-based private investment firm. Terms of the transaction were not disclosed.
The Erlanger, KY-based CFC division manufactures composites, fuel tanks and bladders. The company reached annual sales of approximately $350 million.
“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,” Parker Hannifin Chairman and CEO Jenny Parmentier said in a July 29 news release. “The CFC Division is a solid business with strong performance and growth potential backed by a great team, whom we wish continued success under the ownership of SK Capital Partners.”
Over the past three years, Parker Hannifin has divested numerous businesses and product lines that total nearly $450 million in annual sales — France Electromechanical Solutions Division, MicroStrain Division, Filter Resources Division, the Calzoni product line, the Industrial Profile Systems product line and the Indego exoskeleton product line.
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