This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CLARCOR Announces Acquisition Of Modular Engineering

Stocks in this article: CLC

CLARCOR Inc. (NYSE: CLC) announced today that it has acquired 100% of the shares of Modular Engineering Pty Ltd., a manufacturer of natural gas filtration products and distributor of aftermarket elements based in Henderson, Australia, outside of Perth. A long-time supplier to CLARCOR’s PECOFacet division whose former owners will remain with the business following the closing, Modular will become a part of CLARCOR’s PECOFacet division, which is included within CLARCOR’s Industrial/Environmental Filtration segment. Terms of the acquisition were not disclosed, and although the acquisition is expected to be accretive to CLARCOR’s earnings in 2012, it is not expected to be material to the Company’s 2012 results.

Chris Conway, CLARCOR’s CEO, said: “Modular is an outstanding company and a leader in the production of skid-mounted equipment in Western Australia, at the epicenter of the natural gas boom for the Asia Pacific region. They have been fabricating equipment and distributing aftermarket elements for PECOFacet for many years and we know them well. With a deeply experienced employee base and excellent relationships with key players in the Australian natural gas market, the acquisition of Modular strengthens our participation in the high growth in natural gas extraction and transportation that is underway throughout the Asia Pacific region. As countries such as Japan move away from nuclear energy, natural gas is playing an ever more important role in satisfying the region’s energy needs. Modular gives us first-fit filtration manufacturing capabilities in Western Australia, as well as a platform to increase our sales of aftermarket elements throughout the region. The acquisition of Modular is another step in our strategy of making CLARCOR the world’s leading natural gas and fuel filtration provider.”

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 the Company are traded on the New York Stock Exchange under the symbol CLC.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,407.50 +20.29 0.12%
S&P 500 2,032.36 +2.81 0.14%
NASDAQ 4,707.50 +26.0030 0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs