Parker Hannifin To Buy Clarcor in a $4.3B Deal

Shares of Clarcor (CLC)  surged after Parker Hannifin (PH) - Get Report announced it will buy the filtration product manufacturer for $4.3 billion or $83 a share. Parker CEO Tom Williams says this is a strategic portfolio transaction. The transaction is expected to expand Parker's product line , increase recurring revenue, while also adding to its cash flow and net income. The deal is expected to close in September of next year.