Cary, NC – Cary-based LORD Corporation has been bought by Ohio’s Parker Hannifin Corporation, in a $3.675 billion transaction.
LORD Corp. was founded in the 1920s but moved its headquarters to Cary in the late 1980s. The manufacturing company, which makes primarily adhesives and coating, has been bought by Parker Hannifin Corp. and while the merger has not yet been approved by federal regulatory boards, the boards of both companies have approved the sale.
“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 Hannifin Corp. in a statement. “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 lightweighting. This transaction will meaningfully transform our portfolio.”
LORD employs more than 3,000 people at manufacturing and research facilities around the world, including a new German facility that just broke ground last week. However, very little of their manufacturing is done here in Cary. LORD has a reported $1.1 billion in annual sales.
LORD will become part of Parker Hannafin Corp.’s Engineered Materials Group and is expected to remain at its current location in Cary, off of Gregson Drive.
Story by staff reports. Photos courtesy of LORD Corp.