FRANKLIN, Tenn.--(BUSINESS WIRE)--CLARCOR Inc. (NYSE: CLC) today announced that it has acquired Filter Resources, Inc., Filtration Inc. and Fabrication Specialties, Inc. - related companies that manufacture and distribute filters to the petrochemical and refining industries, predominately in the Texas Gulf Coast and Louisiana region. The acquired business has annual revenue of approximately $20 million and will be part of CLARCOR’s PECOFacet group of companies, which is included within CLARCOR’s Industrial/Environmental Filtration segment. The acquisition is not anticipated to be materially accretive or dilutive to CLARCOR’s 2015 earnings.
Christopher L. Conway, CLARCOR’s Chairman, President and Chief Executive Officer commented, “Filter Resources is a long-time distributor of PECOFacet products with local manufacturing capabilities and strong customer relationships throughout the gulf coast region earned through their timely order fulfillment and excellent customer service. We look forward to leveraging these strengths to allow PECOFacet to better support the petrochemical and refining markets, markets which have unique and demanding filtration needs. We believe that the combination of Filter Resources and PECOFacet will allow us to deliver even more value and better filtration solutions to refineries and petrochemical customers throughout the gulf coast.”
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 CLARCOR are traded on the New York Stock Exchange under the symbol CLC. Further information on CLARCOR can be found at www.clarcor.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release other than statements of historical fact, are forward-looking statements. These forward-looking statements may include, among other things: statements and assumptions relating to the expected results of operations of the business to be acquired; statements regarding the anticipated economic conditions of the industries and markets that we serve; statements relating to the anticipated effects on results of operations or financial condition from recent and expected developments or events; statements relating to the Company’s business and growth strategies; and any other statements or assumptions that are not historical facts. The Company believes that its expectations are based on reasonable assumptions. However, these forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company’s actual results, performance or achievements, or industry results, to differ materially from the Company’s expectations of future results, performance or achievements expressed or implied by these forward-looking statements. These risks include the failure to realize the economic and strategic benefits of the transaction, the failure to retain the acquired business’ customer base, the risk of not being able to further penetrate the refinery or petrochemical markets or grow within certain geographical markets, the risks of not being able to integrate the acquired business with our own or to maintain or improve the acquired business’ performance. In addition, the Company’s past results of operations do not necessarily indicate its future results. The Company’s future results may differ materially from the Company’s past results as a result of various risks and uncertainties, including the risk factors discussed in the “Risk Factors” section of the Company’s 2013 Form 10-K and other risk factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release. Except as otherwise required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements or the risk factors described in this press release, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release.