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[June 2002]
CLARCOR Acquires Locker Filtration
CLARCOR Inc (Rockford, IL, USA) has acquired Locker Filtration Ltd, the manufacturer of heavy-duty air filters, diesel and gas turbine air intake system filters and speciality filter products for various industrial applications. Locker Filtration is based in Warrington, Cheshire, England and was formerly a subsidiary of the Locker Group PLC.The purchase price was approximately US$6.5 million. No debt was assumed. In the most recent 12-month period, Locker Filtration's sales totalled around US$14 million. In the fiscal year 2001, CLARCOR's sales were US$667 million, including US$58.5 million in Europe.
Norm Johnson, CLARCOR's Chairman and CEO, said: "The acquisition of Locker Filtration provides CLARCOR with an air filter manufacturing facility in Europe and will allow us to provide our European sales organizations with an additional filter supply source. Currently, most of the air filter products we sell into the European market are exported from our plants in North America.
"By transferring additional production into the Locker plant, we will be able to increase the utilization of its manufacturing capacity and improve the profitability of our European sales. In addition to lowering our European product acquisition costs, we will free up needed capacity in our North American manufacturing plants."
ENDS