Parker Hannifin Corp. has agreed to divest its global Facet filtration business as part of a settlement with the U.S. Dept. of Justice (DOJ) over a civil antitrust lawsuit filed in September concerning Parker’s $4.3 acquisition of Clarcor Inc., which closed in February.
Under the terms of the Proposed Final Judgment and subject to court approval, Parker will divest its global Facet filtration business, which includes the U.S. qualified aviation ground fuel filtration business under inquiry by DOJ, as well as filtration products and technologies for other aviation fuel, marine, environmental and general applications.
Parker will retain the rest of the Clarcor businesses and its aviation ground fuel filtration business owned prior to the Clarcor merger and marketed under the Parker Velcon brand name.
“We are pleased to reach this proposed settlement with the Dept. of Justice,” Parker said in a statement. “Through this agreement, Parker will sell the Facet filtration business, providing an opportunity for a wide range of strategic buyers to enter this sought-after business.
“Parker anticipates court approval of the Proposed Final Judgment and looks forward to ultimately resolving this matter. We continue with the successful integration of the broader filtration businesses acquired in the Clarcor merger.”