US industrial conglomerate Parker Hannifin Corporation announced that it has entered into a definitive agreement to acquire LORD Corporation for approximately $3.675 billion in cash.
The transaction has been approved by the Board of Directors of each company and is subject to customary closing conditions, including receipt of applicable regulatory approvals. Upon closing of the transaction, LORD will be combined with the Engineered Materials Group of Parker Hannifin, a Fortune 250 global leader in motion and control technologies.
LORD, headquartered in Cary, North Carolina, is a privately-held company founded in 1924 offering a broad array of advanced adhesives, coatings and specialty materials as well as vibration and motion control technologies.
LORD’s products are used in mission-critical applications in the aerospace, automotive and industrial markets. LORD has annual sales of approximately $1.1 billion and employs 3,100 team members across 17 manufacturing and 15 research and development facilities globally.