Parker-Hannifin to acquire Velcon Filters Parker Hannifin announced that it has signed an agreement to acquire Velcon Filters from The Sterling Group LP, a private equity firm. Terms of the transaction were not disclosed and are subject to regulatory approval. Velcon reported sales of $115 million for the twelve months ended August 31 and has approximately 300 employees globally. The acquired company will become a part of Parker's Filtration Group. Approximately 33% percent of revenues will be reported in the Industrial North America segment and 67% percent reported in the Industrial International segment.
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On The Fly: Analyst Initiation Summary Today's noteworthy initiations include: Fairway Group (FWM) initiated with an Outperform at Credit Suisse... Hannon Armstrong Sustainable (HASI) initiated with an Outperform at RW Baird... EPL Oil & Gas (EPL) initiated with a Buy at KeyBanc... Spark Networks (LOV) initiated with an Outperform at William Blair... Parker-Hannifin (PH) initiated with a Buy at BofA/Merrill.
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