Stanadyne Corp. recently announced the signing of a definitive agreement to sell its filtration business to Clarcor Inc. for approximately $325 million. Proceeds of the sale will be used to retire debt and pay expenses related to the transaction.
The filtration business includes manufacturing facilities in Washington and North Carolina, as well as engineering and administrative operations in Connecticut.
"This is truly an extraordinary opportunity to contribute filtration to a leading, dedicated filter company that will deliver lasting value to customers, employees and to the communities in which it operates, and for us to focus exclusively on our growing fuel systems businesses," said Robert G. Isaman, Stanadyne CEO.
The transaction is expected to occur in early May and is subject to customary closing conditions.
"Our team is thrilled to be joining one of the world's leading filtration companies," added Joseph M. Vorih, senior vice president of filtration. "By combining our filters business with Clarcor's large and broad filtration offering, we are establishing a unique growth platform in attractive, growing market segments around the world."
A leader in technology and services for engine components and fuel systems for gasoline and diesel engines used in agricultural, construction, industrial and automotive vehicle and equipment applications, Stanadyne is headquartered in Windsor, Conn., and has facilities in the United States, Italy, India and China.
For more information, visit www.stanadyne.com.