CLARCOR Acquires Bekaert Advanced Filtration Business
04 Dezember 2013 - 12:42AM
Business Wire
CLARCOR Inc. (NYSE: CLC) announced that it has acquired
the Bekaert Advanced Filtration business from NV Bekaert SA for a
purchase price of approximately €6 million ($8 million), before
various contractual adjustments. The Advanced Filtration business
is engaged in the same line of business as CLARCOR’s subsidiary,
Purolator EFP – the manufacture and supply of engineered metal
filters and systems used primarily in the polymer fiber and
plastics industries.
With estimated 2013 sales of approximately €15 million ($20
million), the business, which has been renamed Purolator Advanced
Filtration, has approximately 170 employees and manufacturing
facilities located in Belgium and Indonesia, as well as sales
personnel in North and South America. The transaction also includes
a supply contract under which the combined business can continue to
purchase specialized Bekipor® metal fiber filtration media from
Bekaert for incorporation into certain of the company’s products.
The acquisition is not anticipated to be materially accretive or
dilutive to CLARCOR’s 2014 earnings.
Christopher L. Conway, CLARCOR’s Chairman, President and Chief
Executive Officer commented, “Bekaert is known in the industry for
its top level engineering capabilities and superior product
quality, and it is not uncommon for customers with demanding
applications to insist upon Bekaert Advanced Filtration systems and
filters. The acquisition of the Advanced Filtration business will
expand the technical capabilities of Purolator EFP, improve the
product offerings that the company brings to market and help us
continue to grow in Europe and in Asia.”
Commenting on the acquisition, Oliver Forberich, the General
Manager of Bekaert Fiber Technologies, agreed with Mr. Conway,
stating, “This transaction makes perfect sense for both parties. As
a leader in polymer and plastics filtration, Purolator EFP can grow
its global footprint and leverage its product catalog and sales and
marketing strengths, while at the same time Bekaert will focus on
its core strength of providing advanced metal filtration
media.”
CLARCOR is based in Franklin, Tennessee, and is a diversified
marketer and manufacturer of mobile, industrial and environmental
filtration products and consumer and industrial packaging products
sold in domestic and international markets. Common shares of
CLARCOR are traded on the New York Stock Exchange under the symbol
CLC.
Bekaert (www.bekaert.com) is a world market and technology
leader in steel wire transformation and coatings. Bekaert (Euronext
Brussels: BEKB) is a global company with headquarters in Belgium,
employing 27,000 people worldwide. Serving customers in 120
countries, Bekaert pursues sustainable profitable growth in all its
activities and generated combined sales of € 4.4 billion
in 2012.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements made in this press release other than
statements of historical fact, are forward-looking statements.
These forward-looking statements may include, among other things:
statements and assumptions relating to the expected results of
operations of the business to be acquired; statements regarding the
anticipated economic conditions of the industries and markets that
we serve; statements relating to the anticipated effects on results
of operations or financial condition from recent and expected
developments or events; statements relating to the Company’s
business and growth strategies; and any other statements or
assumptions that are not historical facts. The Company believes
that its expectations are based on reasonable assumptions. However,
these forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
Company’s actual results, performance or achievements, or industry
results, to differ materially from the Company’s expectations of
future results, performance or achievements expressed or implied by
these forward-looking statements. These risks include the failure
to realize the economic and strategic benefits of the transaction,
the failure to retain the acquired business’ customer base,
including those customers referenced above as having demanding
filtration needs, the risks of not being able to integrate the
acquired business with our own or to maintain or improve the
acquired business’ performance. In addition, the Company’s past
results of operations do not necessarily indicate its future
results. The Company’s future results may differ materially from
the Company’s past results as a result of various risks and
uncertainties, including the risk factors discussed in the “Risk
Factors” section of the Company’s 2012 Form 10-K and other risk
factors detailed from time to time in the Company’s filings with
the Securities and Exchange Commission. You should not place undue
reliance on any forward-looking statements. These statements speak
only as of the date of this press release. Except as otherwise
required by applicable laws, the Company undertakes no obligation
to publicly update or revise any forward-looking statements or the
risk factors described in this press release, whether as a result
of new information, future events, changed circumstances or any
other reason after the date of this press release.
CLARCOR Inc.David J. Fallon, 615-771-3100Vice President - Chief
Financial Officer
Clarcor (NYSE:CLC)
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