Franklin, TN, December 3, 2013 — CLARCOR Inc. announced that it has acquired the Bekaert Advanced Filtration business from NV Bekaert SA for a purchase price of approximately € 6 million ($8 million), before various contractual adjustments. The Advanced Filtration business is engaged in the same line of business as CLARCOR's subsidiary, Purolator EFP— the manufacture and supply of engineered metal filters and systems used primarily in the polymer fiber and plastics industries.
With estimated 2013 sales of approximately € 15 million ($20 million), the business, which has been renamed Purolator Advanced Filtration, has approximately 170 employees and manufacturing facilities located in Belgium and Indonesia, as well as sales personnel in North and South America. The transaction also includes a supply contract under which the combined business can continue to purchase specialized Bekipor® metal fiber filtration media from Bekaert for incorporation into certain of the company's products. The acquisition is not anticipated to be materially accretive or dilutive to CLARCOR's 2014 earnings.
Christopher L. Conway, CLARCOR's chairman, president and CEO commented, “Bekaert is known in the industry for its top level engineering capabilities and superior product quality, and it is not uncommon for customers with demanding applications to insist upon Bekaert Advanced Filtration systems and filters. The acquisition of the Advanced Filtration business will expand the technical capabilities of Purolator EFP, improve the product offerings that the company brings to market and help us continue to grow in Europe and in Asia.”
Commenting on the acquisition, Oliver Forberich, the general manager of Bekaert Fiber Technologies, agreed with Mr. Conway, stating, “This transaction makes perfect sense for both parties. As a leader in polymer and plastics filtration, Purolator EFP can grow its global footprint and leverage its product catalog and sales and marketing strengths, while at the same time Bekaert will focus on its core strength of providing advanced metal filtration media.”
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. Common shares of CLARCOR are traded on the New York Stock Exchange under the symbol CLC.
Bekaert (www.bekaert.com) is a world market and technology leader in steel wire transformation and coatings. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium, employing 27,000 people worldwide. Serving customers in 120 countries, Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of € 4.4 billion in 2012.