Parker Completes Divestiture of CFC Division to SK Capital Partners

Parker Hannifin Corporation, a leader in motion and control technologies, has finalized the sale of its North America Composites and Fuel Containment (CFC) Division to SK Capital Partners, a private investment firm. This divestiture aligns with Parker's strategic goal of optimizing its portfolio by determining the most suitable ownership for its businesses. The CFC Division, which generates annual sales of approximately $350 million and operates six manufacturing locations across the U.S. and Mexico, was integrated into Parker's operations following its acquisition of Meggitt plc in 2022. Parker envisages that under SK Capital Partners' stewardship, the division will thrive. Lazard and Jones Day advised Parker financially and legally on this transaction, respectively. The forward-looking statements in the announcement are subject to numerous risks and uncertainties, making their realization unpredictable.