CLARCOR Acquires Filter Resources Group
December 18 2014 - 4:59PM
Business Wire
CLARCOR Inc. (NYSE: CLC) today announced that it has
acquired Filter Resources, Inc., Filtration Inc. and Fabrication
Specialties, Inc. - related companies that manufacture and
distribute filters to the petrochemical and refining industries,
predominately in the Texas Gulf Coast and Louisiana region. The
acquired business has annual revenue of approximately $20 million
and will be part of CLARCOR’s PECOFacet group of companies, which
is included within CLARCOR’s Industrial/Environmental Filtration
segment. The acquisition is not anticipated to be materially
accretive or dilutive to CLARCOR’s 2015 earnings.
Christopher L. Conway, CLARCOR’s Chairman, President and Chief
Executive Officer commented, “Filter Resources is a long-time
distributor of PECOFacet products with local manufacturing
capabilities and strong customer relationships throughout the gulf
coast region earned through their timely order fulfillment and
excellent customer service. We look forward to leveraging these
strengths to allow PECOFacet to better support the petrochemical
and refining markets, markets which have unique and demanding
filtration needs. We believe that the combination of Filter
Resources and PECOFacet will allow us to deliver even more value
and better filtration solutions to refineries and petrochemical
customers throughout the gulf coast.”
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. Further information on CLARCOR can be found at
www.clarcor.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements made in this press release other than
statements of historical fact, are forward-looking statements.
These forward-looking statements may include, among other things:
statements and assumptions relating to the expected results of
operations of the business to be acquired; statements regarding the
anticipated economic conditions of the industries and markets that
we serve; statements relating to the anticipated effects on results
of operations or financial condition from recent and expected
developments or events; statements relating to the Company’s
business and growth strategies; and any other statements or
assumptions that are not historical facts. The Company believes
that its expectations are based on reasonable assumptions. However,
these forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
Company’s actual results, performance or achievements, or industry
results, to differ materially from the Company’s expectations of
future results, performance or achievements expressed or implied by
these forward-looking statements. These risks include the failure
to realize the economic and strategic benefits of the transaction,
the failure to retain the acquired business’ customer base, the
risk of not being able to further penetrate the refinery or
petrochemical markets or grow within certain geographical markets,
the risks of not being able to integrate the acquired business with
our own or to maintain or improve the acquired business’
performance. In addition, the Company’s past results of operations
do not necessarily indicate its future results. The Company’s
future results may differ materially from the Company’s past
results as a result of various risks and uncertainties, including
the risk factors discussed in the “Risk Factors” section of the
Company’s 2013 Form 10-K and other risk factors detailed from time
to time in the Company’s filings with the Securities and Exchange
Commission. You should not place undue reliance on any
forward-looking statements. These statements speak only as of the
date of this press release. Except as otherwise required by
applicable laws, the Company undertakes no obligation to publicly
update or revise any forward-looking statements or the risk factors
described in this press release, whether as a result of new
information, future events, changed circumstances or any other
reason after the date of this press release.
CLARCOR Inc.David J. Fallon, 615-771-3100Vice President - Chief
Financial Officer
Clarcor (NYSE:CLC)
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