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CARY – LORD Corp, who was looking for a buyer, found one.
Cleveland-based Parker Hannifin Corp. announced Monday the acquisition of $ 3.675 billion from LORD, a private company, in a fully cash transaction that is expected to receive regulatory approval in the coming months. month.
The boards of directors of both companies have already approved the transaction.
"Through complementary lines of business, the collaboration with Parker allows LORD to realize our more ambitious vision," said Ed Auslande, CEO of LORD's. "Parker is already a leading, leading provider in many areas, enabling our businesses to gain immediate access to growth, markets, applications and new customers. In addition, both companies are highly aligned with core values, business acumen and cultural compatibility. "
Last month, Bloomberg News reported that the Cary-based manufacturer of adhesives and coatings was considering a sale of up to $ 3 billion.
Citing an anonymous source, the report states that the company was working with an advisor to manage an auction process. A private company, LORD employs approximately 3,000 people in all of its activities.
After an epic year, LORD becomes a billion dollar company
This report comes after the company reached an important milestone last year with sales of $ 1 billion. Last week, LORD launched a new $ 15.4 million expansion project at its Hückelhoven site in Germany.
By all accounts, LORD is one of the greatest achievements of the Triangle. But according to Auslander, that's what society likes.
"We are deliberately trying to keep a low profile," he told WRAL TechWire recently. "Our reach is global; we act globally. We do not do a lot of manufacturing here. I would venture to say that we are really trying to focus on our customers more than ourselves. "
Parker noted that LORD has annual sales of approximately $ 1.1 billion and employs 3,100 team members at 17 manufacturing plants and 15 research and development facilities around the world.
"This strategic transaction will reinforce our stated goal of investing in attractive growth businesses, such as technical materials, that enable us to achieve first-quartile financial performance," said Tom Williams, Chairman and Chief Executive Officer. the direction of Parker. "LORD will significantly expand our materials science capabilities with complementary products, positioning us better to serve customers in growing industries and capitalizing on emerging trends such as electrification and lightening. This transaction will significantly transform our portfolio. "
Once the deal is complete, LORD will be part of Parker's Engineered Materials group.
LORD launches new $ 15.4 million expansion in Germany
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