Posted April 29, 20196 yr Cleveland's Fortune 250 industrial manufacturer, Parker Hannifin, just made another HUGE splash today (note: they also bought Nashville area-based Clarcor in 2016 for $4.3 Billion) Cary-based LORD Corporation is being sold for $3.7B in all-cash deal by WRAL TechWire — April 29, 2019 CARY – LORD Corp, which had been shopping for a buyer, has found one. Cleveland-based Parker Hannifin Corporation said Monday it is acquiring privately held LORD for $3.675 billion in an all-cash deal that is expected to receive regulatory approval within the next several months. “With complementary business segments, coming together with Parker enables LORD to carry out our grander vision,” said LORD’S CEO Ed Auslande. “Parker is already a large tier one supplier in many areas, allowing our business lines immediate access to growth, additional markets, applications and new customers. In addition, the two companies are very much aligned when it comes to core values, great business acumen and cultural fit.” https://www.wraltechwire.com/2019/04/29/cary-based-lord-corporation-is-being-sold-for-3-7b-in-all-cash-deal/ Edited April 29, 20196 yr by MuRrAy HiLL
April 29, 20196 yr Cool. So when are they moving from Landerhaven to downtown? ? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 30, 20196 yr Author We're about 30 years too late, since relocating...although they do still give their address as "Cleveland, OH" on all official material. Not sure how that works, but their mailing address is Cleveland. For their first 70 years, their first four HQ's were in Cleveland city boundaries...1115 Schofleld Building, W.25th St, 10320 Berea Rd, and 17325 Euclid Ave. And they still throw some change in and around Cleveland State and the Galleria ?
April 30, 20196 yr Wonder what their next HQ stop will be... Middlefield? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 29, 20195 yr Author One of Cleveland metro's Fortune 500's continues to get bigger: July 29, 2019 09:44 AM AN HOUR AGO Parker Hannifin to acquire Washington company Exotic Metals for $1.725 billion in cash SCOTT SUTTELL Parker Hannifin Corp. (NYSE: PH), the Mayfield Heights-based maker of motion and control technologies, announced on Monday morning, July 29, that it has agreed to buy Exotic Metals Forming Co. of Kent, Wash., for $1.725 billion in cash. Adjusted for about $170 million of expected tax benefits, the net transaction value is about $1.56 billion, Parker said in a news release. The transaction has been approved by the boards of both companies and is subject to customary closing conditions, including regulatory approvals. Parker said the deal is expected to be completed in the next two to three months. Privately held Exotic Metals, founded in 1966, makes high-temperature, high-pressure air and exhaust management systems for aircraft and engines. Parker said in the release that Exotic Metals has annual sales of about $450 million and 1,600 employees working in three U.S. locations. https://www.crainscleveland.com/manufacturing/parker-hannifin-acquire-washington-company-exotic-metals-1725-billion-cash
July 29, 20195 yr 12 minutes ago, Oldmanladyluck said: Now come downtown dang it! I used to be a supplier. It's not going to happen. There is pretty much zero advantage for a manufacturing company to locate in a downtown area, and there can be a significant disadvantage when it comes to spending time at manufacturing sites. Plus, their employees are usually against it. They tend to be older, have families, and be more "settled".
July 29, 20195 yr I had worked with a couple of former IT employees of Parker Hannifin, that had left because of their location. Times are changing, so you never know. ..
July 29, 20195 yr Older employees are retiring. Boomers may have wanted the 'burbs, us Gen X'ers could probably go either way (downtown or suburbs), but the Millennials they need in order to replace the Boomers are going to want the city. And if Parker Hannifin, Progressive, Sherwin-Williams, Eaton, etc. can't replace the retiring boomers with the best and the brightest, then they are going to be dinosaurs. As many have said, cities are in a war for talent. So are companies. If you can't compete for talent, you're going to be weaker. And your company's setting is a huge draw (or discouragement) for young talent. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 29, 20195 yr 3 hours ago, KJP said: Older employees are retiring. Boomers may have wanted the 'burbs, us Gen X'ers could probably go either way (downtown or suburbs), but the Millennials they need in order to replace the Boomers are going to want the city. And if Parker Hannifin, Progressive, Sherwin-Williams, Eaton, etc. can't replace the retiring boomers with the best and the brightest, then they are going to be dinosaurs. As many have said, cities are in a war for talent. So are companies. If you can't compete for talent, you're going to be weaker. And your company's setting is a huge draw (or discouragement) for young talent. I wouldn't be so sure. As we've discussed, as the millenials age and have kids, the suburbs seem more attractive. Look at Progressive. Plus, it's manufacturing. Not many such companies stick to downtowns. Especially when they make things in the USA. Edited July 29, 20195 yr by E Rocc
July 29, 20195 yr 11 minutes ago, E Rocc said: I wouldn't be so sure. As we've discussed, as the millenials age and have kids, the suburbs seem more attractive. Look at Progressive. Plus, it's manufacturing. Not many such companies stick to downtowns. Especially when they make things in the USA. I don't see why those working in Legal, IT, Sales, etc. can't be moved to a downtown location. Many manufacturing companies the size of Eaton don't house those departments inside or even near their manufacturing sites.
July 29, 20195 yr 16 minutes ago, E Rocc said: I wouldn't be so sure. As we've discussed, as the millenials age and have kids, the suburbs seem more attractive. Look at Progressive. Not so true these days. I'm friends with a lot of millenials with kids who are opting to stay in the city. Hell, I'm one of them.. And Progressive just opened up a downtown "strategic" office, so things could get interesting over the next decade..
July 30, 20195 yr 16 hours ago, E Rocc said: I wouldn't be so sure. As we've discussed, as the millenials age and have kids, the suburbs seem more attractive. Look at Progressive. Plus, it's manufacturing. Not many such companies stick to downtowns. Especially when they make things in the USA. I think you're underestimating the millennials and the ability of Cleveland to support families nowadays. Our generation moved to the suburbs after enjoying our 20s in the city. We did crazy things like live illegally in the Warehouse District, open artists' lofts in Tremont, start living in old warehouses east of downtown. But all we did is make it socially acceptable for people with choices to choose the city. We reversed the course of cities. The millennials are taking things to the next level. They are creating the entire life-support ecosystem In the city's. If employers aren't coming with them, then they will create new employers in the city and replace them. Edited July 30, 20195 yr by KJP "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 30, 20195 yr 13 minutes ago, KJP said: I think you're underestimating the millennials and the ability of Cleveland to support families nowadays. Our generation moved to the suburbs after enjoying our 20s in the city. We did crazy things like live illegally in the Warehouse District, open artists' lofts in Tremont, start living in old warehouses east of downtown. But all we did is make it socially acceptable for people with choices to choose the city. We reversed the course of cities. The millennials are taking things to the next level. They are creating the entire life-support ecosystem In the city's. If employers aren't coming with them, then they will create new employers in the city and replace them. I was gonna write this huge response to the above, but to write a quick response: Educated millennial I know either live in the city or the inner ring with few exceptions. Millenials I know with high school degrees or less all seem to live in the outer burbs, most of them have multiple kids too. The educated ones I do know that have kids don't seem to be planning to move further out. Many of the others don't even plan on having kids. A lot of them are now about to be in their mid thirties, so that window is closing quickly.
October 31, 20195 yr Author Parker Hannifin completes $3.675 billion acquisition of LORD Corp. SCOTT SUTTELL October 29, 2019 12:06 PM Parker Hannifin Corp. (NYSE: PH) has completed another of its large takeovers announced this year. Mayfield Heights-based Parker, a maker of motion and control technologies, said in a news release issued Tuesday, Oct. 29, that it has finalized its $3.675 billion acquisition of LORD Corp., which makes advanced adhesives and coatings, as well as vibration and motion control technologies. The addition of Cary, N.C.-based LORD, which was announced in April, "creates a combined organization with strong materials science capabilities, electrification and aerospace product offerings that are highly complementary," Parker said in the release. LORD, founded in 1924, makes products that are used in the aerospace, automotive and industrial markets. Its annual sales are about $1.1 billion. LORD has 3,100 employees at 17 manufacturing and 15 research and development operations worldwide. https://www.crainscleveland.com/manufacturing/parker-hannifin-completes-3675-billion-acquisition-lord-corp
October 31, 20195 yr 14 minutes ago, MuRrAy HiLL said: Parker Hannifin completes $3.675 billion acquisition of LORD Corp. SCOTT SUTTELL October 29, 2019 12:06 PM Parker Hannifin Corp. (NYSE: PH) has completed another of its large takeovers announced this year. Mayfield Heights-based Parker, a maker of motion and control technologies, said in a news release issued Tuesday, Oct. 29, that it has finalized its $3.675 billion acquisition of LORD Corp., which makes advanced adhesives and coatings, as well as vibration and motion control technologies. The addition of Cary, N.C.-based LORD, which was announced in April, "creates a combined organization with strong materials science capabilities, electrification and aerospace product offerings that are highly complementary," Parker said in the release. LORD, founded in 1924, makes products that are used in the aerospace, automotive and industrial markets. Its annual sales are about $1.1 billion. LORD has 3,100 employees at 17 manufacturing and 15 research and development operations worldwide. https://www.crainscleveland.com/manufacturing/parker-hannifin-completes-3675-billion-acquisition-lord-corp Hmmm.......not that long ago, Parker was changing its focus from manufacturing to purchasing. We made a lot of parts for their Manitowoc (WI) plant that used to be made at their Eastlake facility. We've quoted a couple others here (different company).
October 31, 20195 yr 51 minutes ago, MuRrAy HiLL said: Parker Hannifin completes $3.675 billion acquisition of LORD Corp. SCOTT SUTTELL October 29, 2019 12:06 PM Parker Hannifin Corp. (NYSE: PH) has completed another of its large takeovers announced this year. Mayfield Heights-based Parker, a maker of motion and control technologies, said in a news release issued Tuesday, Oct. 29, that it has finalized its $3.675 billion acquisition of LORD Corp., which makes advanced adhesives and coatings, as well as vibration and motion control technologies. The addition of Cary, N.C.-based LORD, which was announced in April, "creates a combined organization with strong materials science capabilities, electrification and aerospace product offerings that are highly complementary," Parker said in the release. LORD, founded in 1924, makes products that are used in the aerospace, automotive and industrial markets. Its annual sales are about $1.1 billion. LORD has 3,100 employees at 17 manufacturing and 15 research and development operations worldwide. https://www.crainscleveland.com/manufacturing/parker-hannifin-completes-3675-billion-acquisition-lord-corp Cool! Now move downtown!! ?♂️ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 2, 20213 yr Author Meggitt agrees £6.3bn takeover by Parker Hannifin US-based engineering group makes promises to UK government over staffing levels https://amp.ft.com/content/bdf75f09-8746-4e5c-9301-21f923fe2757?__twitter_impression=true U.K.’s Meggitt Soars on $8.8 Billion Buyout by Parker-Hannifin By Charlotte Ryan August 2, 2021, 2:23 AM EDT Updated on August 2, 2021, 6:01 AM EDT Parker-Hannifin Corp., the U.S. maker of industrial motion-control systems, agreed to buy Meggitt Plc for 6.3 billion pounds ($8.8 billion) in cash to strengthen its hand in a rebounding aerospace industry. Shares of Meggitt surged the most on record after the 170-year-old company said its board would recommend the 800 pence-per-share offer, 71% above Friday’s closing price. The massive premium will make it harder for a rival to jump in and snatch the Coventry, England-based target, after a string of buyouts of U.K. aerospace and defense firms by U.S. suitors. https://www.bloomberg.com/news/articles/2021-08-02/parker-hannifin-to-buy-meggitt-in-8-8-billion-aerospace-deal Edited August 2, 20213 yr by MuRrAy HiLL
August 2, 20213 yr P-H must see huge potential and synergy in the Meggitt acquisition, because historic numbers don't seem to support the purchse price. Meggitt's sales have been £2.275 billion for 2019 and £1.684 billion for 2020; earnings were £325 million for 2019 and a loss of £257 million for 2020. Remember: It's the Year of the Snake
September 13, 20222 yr Author Acquisition of Meggitt closed today Parker Completes Acquisition of Meggitt PLC September 13, 2022 07:30 ET | Source: Parker-Hannifin Corporation ... Continues Parker’s portfolio transformation into longer cycle, more resilient businesses Transaction is expected to drive significant value creation for shareholders Combination is strongly aligned strategically and culturally with The Win Strategy Substantially increases aerospace business with complementary technologies CLEVELAND, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Parker-Hannifin Corporation, the global leader in motion and control technologies, today announced it has completed its acquisition of Meggitt PLC for approximately £6.3 billion. Meggitt, headquartered in Coventry, the UK, had annual revenue of approximately £1.63 billion for the 12 months ending June 30, 2022 and employs more than 9,000 team members serving customers around the world. Meggitt has diverse aerospace and defense exposure with technology and products on almost every major aircraft platform. “We are excited to have reached the closing of what is a very compelling strategic and cultural combination,” said Tom Williams, Chairman and Chief Executive Officer. “Meggitt’s complementary product portfolio and geographic footprint, as well as its proprietary and differentiated technologies, will significantly enhance Parker’s capabilities, positioning us to provide a broader suite of solutions for aircraft and aeroengine components and systems. This acquisition continues the transformation of Parker’s portfolio with greater exposure to longer cycle, more resilient businesses that are well positioned for secular growth trends.” The transaction is expected to drive significant value creation for shareholders through increased organic growth, stronger cash flow and add to Parker’s earnings per share, excluding one-time costs and deal related amortization. Meggitt will add complementary technologies, increase Parker Aerospace’s aftermarket mix through recurring revenue, and enhance growth opportunities through commercial aerospace recovery, anticipated global aircraft fleet renewal, and in emerging trends such as electrification and low-carbon technologies. Roger Sherrard, President of Parker’s Aerospace Group, added, “Parker has great respect for Meggitt, its heritage and its place in British industry. We are committed to being a responsible steward of the company and we plan to continue to innovate and invest in key markets that are of importance to Meggitt. The combination of Parker and Meggitt is exciting for both companies and provides our customers with a broad array of solutions for the global aerospace industry. We welcome the Meggitt team to the Parker Aerospace Group. Our joint integration team will work collaboratively to ensure a seamless transition for customers, distributors and suppliers.” NOTICE OF CONFERENCE CALL: Parker Hannifin will host a conference call and slide presentation to discuss its acquisition of Meggitt PLC and its impact on its fiscal 2023 financial outlook via live webcast on September 28, 2022 at 11:00 a.m. ET, at www.phstock.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit www.phstock.com. https://www.globenewswire.com/news-release/2022/09/13/2514867/0/en/Parker-Completes-Acquisition-of-Meggitt-PLC.html Edited September 13, 20222 yr by MuRrAy HiLL
September 13, 20222 yr That is one HUGE purchase. I get that Parker has never been concerned about being a high profile company. They are about as flashy as the field they work in. All SUBSTANCE - no style. But, if ever a Cleveland company should have a prominent headquarters downtown it's Parker Hannifin. I know it would be out of character for them but what a missed opportunity for all of us Cleveland "erection" fans.
September 14, 20222 yr Author Parker Hannifin revenue = $15.9 B Meggitt revenue = $1.7 B I do not know what the new Fortune 500 ranking will be, but Parker should be a $17.5B + company when the financials come out next year. Edited September 14, 20222 yr by MuRrAy HiLL
September 14, 20222 yr 3 hours ago, MuRrAy HiLL said: Parker Hannifin revenue = $15.9 B Meggitt revenue = $1.7 B I do not know what the new Fortune 500 ranking will be, but Parker should be a $17.5B + company when the financials come out next year. If that $17.5B were this year, P-H would tie with Uber at 210 on the list. Remember: It's the Year of the Snake
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