CLARCOR Announces Acquisition of Modular Engineering
5/10/2012 10:17:00 PM
FRANKLIN, Tenn.--CLARCOR Inc. (NYSE: CLC) announced has acquired 100% of the shares of Modular Engineering Pty Ltd., a manufacturer of natural gas filtrationproducts and distributor of aftermarket elements based in Henderson, Australia, outside of Perth. A long-time supplier to CLARCOR's PECOFacet division whose former owners will remain with the business following the closing, Modular will become a part of CLARCOR's PECOFacet division, which is included within CLARCOR's Industrial/Environmental Filtration segment. Terms of the acquisition were not disclosed, and although the acquisition is expected to be accretive to CLARCOR's earnings in 2012, it is not expected to be material to the Company's 2012 results.
Chris Conway, CLARCOR's CEO, said: "Modular is an outstanding company and a leader in the production of skid-mounted equipment in Western Australia, at the epicenter of the natural gas boom for the Asia Pacificregion. They have been fabricating equipment and distributing aftermarket elements for PECOFacet for many years and we know them well. With a deeply experienced employee base and excellent relationships with key players in the Australian natural gas market, the acquisition of Modular strengthens our participation in the high growth in natural gas extraction and transportation that is underway throughout the Asia Pacific region. As countries such as Japan move away from nuclear energy, natural gas is playing an ever more important role in satisfying the region's energy needs. Modular gives us first-fit filtration manufacturing capabilities in Western Australia, as well as a platform to increase our sales of aftermarket elements throughout the region. The acquisition of Modular is another step in our strategy of making CLARCOR theworld's leading natural gas and fuel filtration provider."
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. Commonshares of the Company are traded on the New York Stock Exchange under the symbolCLC.