SK Capital Partners, a New York-based private investment firm, has agreed to acquire the North America Composites & Fuel Containment (CFC) Division of Parker Hannifin Corporation (NYSE: PH).
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Parker Hannifin’s CFC Division is a provider of engineered carbon fiber composite components and fuel containment solutions for the defense and commercial aerospace markets.
“One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization,” said Jenny Parmentier, Chairman and Chief Executive Officer of Parker Hannifin. “The CFC Division is a solid business with strong performance and growth potential backed by a great team, whom we wish continued success under the ownership of SK Capital Partners.”
The acquisition adds the Kentucky headquarters and five locations throughout the U.S. and Mexico, with annual sales of approximately $350 million.
