CLEVELAND—Motion and control technologies firm Parker Hannifin Corp. has agreed to acquire Velcon Filters, LLC, from private equity firm The Sterling Group LP.
Velcon manufactures filtration equipment and replacement cartridges for the aviation, industrial fuel, and industrial process filtration markets. Terms of the transaction were not disclosed.
Velcon reported $115 million in sales for the twelve months ended August 31st, 2012 and has approximately 300 employees. Velcon will become a part of Parker’s Filtration Group with 33 per cent of revenues reported in the Industrial North America segment and 67 per cent reported in the Industrial International segment.
With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin manufactures motion and control technologies and systems for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries.