Parker Hannifin (PH) - Get Report , the $23.6 billion maker of motion and control technologies, said it would acquire Lord Corp., a privately held technology and manufacturing company, for $3.7 billion in cash.

Parker Hannifin shares were up 0.26% 183.46. 

The deal significantly expands Parker's engineered materials business, add roughly $1.1 billion of sales to that business segment.

Lord Corp. makes adhesives, coatings, motion management devices, and sensing technologies. 

"This strategic transaction will reinforce our stated objective to invest in attractive margin, growth businesses, such as engineered materials, that accelerate us towards top-quartile financial performance," said Tom Williams, chairman and CEO of Parker. "Lord will significantly expand our materials science capabilities with complementary products, better positioning us to serve customers in growth industries and capitalize on emerging trends such as electrification and light weighting." 

Ed Auslander, president and CEO of Lord, said, "With complementary business segments, coming together with Parker enables LORD to carry out our grander vision. 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."