December 18, 2017 / 10:53 PM / 2 years ago

U.S. Justice Dept reaches settlement with Parker-Hannifin

WASHINGTON, Dec 18 (Reuters) - The U.S. Justice Department said on Monday it has reached a settlement with Parker-Hannifin Corp that requires the company to divest the Facet filtration business that it acquired from Clarcor.

“This agreement to fully divest the Facet filtration business restores the competition in the aviation fuel filtration markets that the underlying merger eliminated,” said Assistant Attorney General Makan Delrahim.

Parker-Hannifin, whose motion and control systems are used in a variety of industries, announced the $4.3 billion deal for Clarcor last December. It closed in February. (Reporting by Eric Beech; Editing by Mohammad Zargham)

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