CLC Clarcor Inc. (delisted)

CLARCOR Announces Acquisition of United EFP NASHVILLE, Tenn., Aug. 16 /PRNewswire-FirstCall/ -- CLARCOR Inc. (NYSE:CLC) today announced that it has signed a definitive agreement to acquire the operations of United EFP, a privately-owned manufacturer of woven wire and metallic screening and filtration products for the plastic and polymer fiber industries. United EFP operates through two manufacturing facilities in Houston, Texas and Shelby, North Carolina. United EFP will be renamed Purolator EFP and will operate as a member of CLARCOR's Purolator Advanced Filtration Group, part of CLARCOR's Industrial/Environmental Filtration segment. The terms of the transaction were not disclosed. The acquisition is expected to close in early September. Norm Johnson, CLARCOR's Chairman and CEO, said, "EFP produces critical process filters used in the manufacture of plastic and polymer resins for a variety of industries. The company's customers include some of the largest chemical, oil and gas and plastics companies in North America. We are very excited about being able to add EFP's products to our entire range of filter products, which is one of the largest in the industry. "EFP furthers strengthens our Total Filtration Program with a product line that complements other filters we already manufacture and sell. We will bring an expanded product offering to EFP's customers as well as have the opportunity to sell EFP's products to our present customer base. Expanding our product line, particularly in industrial filters for liquid process applications, is an important part of our Total Filtration strategy. Customer demand for industrial process filters has grown in recent years and we expect this trend to continue. EFP's annual sales are approximately $25 million and we expect this acquisition to be accretive to CLARCOR's earnings per share in 2005." CLARCOR is based in Nashville, 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 the Company are traded on the New York Stock Exchange under the symbol CLC. United EFP, based in Tulsa, Oklahoma, provides solutions for the polymer extrusion process industry, from off-the-shelf products to customized fabricated products. Further information on the company and its products is available on the United EFP website at http://www.unitedefp.com/ . The statements in this release concerning the Company's sales, earnings, business performance and prospects are forward-looking statements that involve significant risks and uncertainties, including the effect of changes in product demand, availability of labor, price and product competition, raw material costs, energy prices, productivity improvement and plant consolidation programs, distribution channels, acquisitions and divestitures, general economic conditions in both domestic and foreign markets, interest rates, currency fluctuations, the success of our Total Filtration Program, the success of sales and marketing programs, and other factors discussed in filings made with the Securities and Exchange Commission. DATASOURCE: CLARCOR Inc. CONTACT: Norman E. Johnson, Chairman of the Board and Chief Executive Officer of CLARCOR Inc., +1-615-771-3100 Web site: http://www.unitedefp.com/

Copyright