Parker Hannifin Corp. recently announced that it has entered into a definitive agreement to acquire LORD Corp. for approximately $3.7 billion in cash. The transaction has been approved by the boards 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 Parker’s Engineered Materials Group.
Headquartered in Cary, N.C., privately held LORD produces advanced adhesives, coatings, and specialty materials, as well as vibration and motion control technologies. The company has annual sales of approximately $1.1 billion and employs 3,100 team members across 17 manufacturing and 15 research and development facilities globally.