CLARCOR Divests Packaging Subsidiary J.L. Clark, Inc.
29 Juni 2015 - 10:33PM
Business Wire
CLARCOR Inc. (NYSE: CLC) announced that it has sold its
packaging subsidiary, J.L. Clark, Inc. to CC Industries, Inc.
(“CCI”), an affiliate of Chicago-based Henry Crown and Company.
With approximately 350 employees and annual revenues of
approximately $77 million, J.L. Clark designs and manufactures
specialty metal and plastic packaging for a wide variety of
consumer products customers.
Headquartered in Rockford, IL, the 111 year-old J.L. Clark also
has significant manufacturing facilities in Lancaster, PA and was
the original business of CLARCOR. Prior to its divestiture, J.L.
Clark was the sole operating company in CLARCOR’s packaging
segment, and the sale thus represents CLARCOR’s exit from packaging
to focus solely on filtration.
Christopher L. Conway, CLARCOR’s Chairman, President and Chief
Executive Officer, commented, “Today is a bittersweet but exciting
day for both CLARCOR and J.L. Clark. Over the last 40 years CLARCOR
has transformed itself into one of the world’s leading diversified
filtration companies. As we looked to the future and our strategic
priorities, we reluctantly determined that the time is right for us
to exit the packaging industry, a decision that benefits not only
CLARCOR, but J.L. Clark as well. The simple truth is that, as a
filtration company, we have not been able to give J.L. Clark the
strategic focus and energy that the company and its dedicated
employees deserve.
“Given the strong legacy of J.L. Clark and its importance in the
history of CLARCOR, we did not take this decision lightly and we
were extremely particular in selecting a buyer to whom that legacy
could be entrusted. I believe our efforts in this regard have paid
off, and I could not be happier that J.L. Clark will find a home
with CCI, an iconic owner whose vision and culture are a perfect
fit with J.L. Clark. Their desire to own and grow J.L. Clark was
evident from the outset of our discussions, and we have every
confidence that Henry Crown and Company will invigorate J.L. Clark
in the way that its employees in Rockford and Lancaster
deserve.”
XMS Capital Partners served as exclusive financial advisor and
Bass Berry & Sims PLC served as exclusive outside legal advisor
to CLARCOR in connection with the transaction.
CLARCOR is based in Franklin, Tennessee, and is a diversified
marketer and manufacturer of mobile, industrial and environmental
filtration products sold in domestic and international markets.
Common shares of the Company are traded on the New York Stock
Exchange under the symbol CLC.
CC Industries, Inc., headquartered in Chicago, operates under
the umbrella of Henry Crown and Company and is the holding and
management company for the Crown family’s privately held operating
companies, including Great Dane Trailers; Provisur Technologies;
Trail King Industries; Little Lady Foods and Gillig LLC.
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version on businesswire.com: http://www.businesswire.com/news/home/20150629006262/en/
CLARCOR Inc.David J. Fallon, 615-771-3100Vice President - Chief
Financial Officer
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