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Parker Hannifin to buy LORD Corp for about $3.68 billion

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By Reuters

(Reuters) – U.S. industrial conglomerate Parker Hannifin Corp said on Monday it would buy privately held LORD Corp for about $3.68 billion (£2.85 billion) in cash.

Cary, North Carolina-based LORD makes adhesives, coatings, and vibration and motion control technologies used in the aerospace, automotive and industrial markets.

Barclays served as financial adviser to Parker and Morgan Stanley was LORD’s financial adviser.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)