Cleveland-based Parker Hannifin Corp. has completed its previously announced transaction to acquire Velcon Filters LLC, from The Sterling Group LP, a private equity firm. Terms of the transaction were not disclosed.
Velcon is a niche manufacturer of filtration systems, including vessels and replacement cartridges that meet specific requirements for fluid filtration processes. Velcon has sales of approximately $115 million and 300 employees globally. The acquired company will become a part of Parker's Filtration Group. Approximately 33 percent of revenues will be reported in the Industrial North America segment and 67 percent reported in the Industrial International segment.
In addition, Parker Hannifin has acquired PGI International, Houston, a designer and manufacturer of specialized, high-pressure flow control components and systems for oil and gas, and petrochemical applications. Terms of the transaction were not disclosed.
PGI International has sales of approximately $100 million and 550 employees, and their products are used to enable safe and reliable connection, isolation, measurement and control of high-pressure fluids. The acquired company will become a part of Parker's Instrumentation Group. Approximately 80 percent of revenues will be reported in the North American Industrial segment and the remaining 20 percent of revenues will be reported in the International Industrial segment.