Parker Completes Divestiture of North America Composites & Fuel Containment Division
Parker Hannifin (NYSE: PH) has completed the divestiture of its North America Composites and Fuel Containment (CFC) Division to SK Capital Partners. The CFC Division, which generates annual sales of approximately $350 million, operates six manufacturing locations across the U.S. and Mexico. The division specializes in engineered carbon fiber composites and fuel containment solutions and became part of Parker's North America businesses within the Diversified Industrial Segment following the Meggitt plc acquisition in 2022.
Parker Hannifin (NYSE: PH) ha completato la cessione della sua Divisione Compositi e Contenimento Carburante del Nord America (CFC) a SK Capital Partners. La Divisione CFC, che genera vendite annue di circa $350 milioni, opera in sei stabilimenti di produzione negli Stati Uniti e in Messico. La divisione è specializzata in compositi in fibra di carbonio ingegnerizzati e soluzioni per il contenimento del carburante ed è diventata parte delle attività di Parker nel Nord America all'interno del Settore Industriale Diversificato a seguito dell'acquisizione di Meggitt plc nel 2022.
Parker Hannifin (NYSE: PH) ha completado la desinversión de su División de Compuestos y Contención de Combustibles de América del Norte (CFC) a SK Capital Partners. La División CFC, que genera ventas anuales de aproximadamente $350 millones, opera en seis ubicaciones de fabricación en EE.UU. y México. La división se especializa en compuestos de fibra de carbono diseñados e soluciones de contención de combustibles y se convirtió en parte de los negocios de Parker en América del Norte dentro del Sector Industrial Diversificado tras la adquisición de Meggitt plc en 2022.
파커 하나핀 (NYSE: PH)은 북미 복합재 및 연료 containment (CFC) 부문을 SK 캐피탈 파트너스에 매각했다고 발표했습니다. CFC 부문은 연간 약 $350백만의 매출을 기록하며 미국과 멕시코에 위치한 6개 제조 시설에서 운영되고 있습니다. 이 부문은 엔지니어링된 탄소 섬유 복합소재 및 연료 containment 솔루션을 전문으로 하며, 2022년 매기트 plc 인수 이후 파커의 북미 사업에 속하게 되었습니다.
Parker Hannifin (NYSE: PH) a finalisé la cession de sa Division Composites et Contention de Carburant d'Amérique du Nord (CFC) à SK Capital Partners. La Division CFC, qui génère des ventes annuelles d'environ 350 millions de dollars, possède six sites de production aux États-Unis et au Mexique. La division est spécialisée dans les composites en fibre de carbone techniques et les solutions de contention de carburant et fait partie des activités de Parker en Amérique du Nord dans le cadre du Segment Industriel Diversifié à la suite de l'acquisition de Meggitt plc en 2022.
Parker Hannifin (NYSE: PH) hat die Veräußerung seiner Nordamerika-Composite- und Kraftstoffcontainment-Abteilung (CFC) an SK Capital Partners abgeschlossen. Die CFC-Abteilung, die jährlich etwa $350 Millionen Umsatz generiert, betreibt sechs Produktionsstätten in den USA und Mexiko. Die Abteilung ist auf technische Kohlenstofffaserverbundwerkstoffe und Lösungen zur Kraftstofflagerung spezialisiert und wurde nach der Übernahme von Meggitt plc im Jahr 2022 Teil von Parkers Nordamerika-Geschäft im Diversified Industrial Segment.
- Strategic portfolio optimization through divestiture of non-core assets
- Sale of division with $350 million in annual sales indicates significant transaction value
- Loss of $350 million in annual revenue stream
- Reduction in manufacturing footprint with loss of six facilities
Insights
The divestiture of Parker's CFC Division, generating
The sale to SK Capital Partners, known for their expertise in specialty materials and chemicals, suggests a fair valuation was likely achieved. This move demonstrates Parker's disciplined approach to capital allocation and portfolio management following the
CLEVELAND, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced it has completed the previously announced divestiture of its North America Composites and Fuel Containment (CFC) Division to private investment firm SK Capital Partners.
“We are pleased to have completed this sale for the North America Composites and Fuel Containment Division,” said Jenny Parmentier, Chairman and Chief Executive Officer. “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.”
Parker’s CFC Division has six manufacturing locations across the U.S. and Mexico and generates annual sales of approximately
About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.
Advisors
Lazard acted as exclusive financial advisor for Parker. Jones Day acted as legal advisor in this transaction.
Forward-Looking Statements
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Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.
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