Parker Hannifin Corp. (Cleveland, Ohio) announced it has signed an agreement to divest its North America Composites and Fuel Containment (CFC) Division to private investment firm SK Capital Partners. With the completion of this transaction the company will have successfully divested businesses and product lines over the past three years that total nearly $450 million in annual sales. The transaction is subject to customary closing conditions.
“One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization,” said Chairman and Chief Executive Officer, Jenny Parmentier. “The CFC Division is a solid business with strong performance and growth potential backed by a great team, whom we wish continued success under the ownership of SK Capital Partners.”
Parker’s CFC Division is headquartered in Erlanger, Kentucky and has five additional locations in the U.S. and Mexico, with annual sales of approximately $350 million. It became part of Parker’s Diversified Industrial Segment, North America businesses following the acquisition of Meggitt plc in 2022. CFC is a leading manufacturer of composites, fuel tanks and bladders.
Parker has also completed the divestiture of several other businesses or product lines over the past 36 months, including: France Electromechanical Solutions Division; MicroStrain® Division; Filter Resources Division; the Calzoni product line; the Industrial Profile Systems product line; and the Indego exoskeleton product line.