Parker Reaches Proposed Settlement With DOJ; To Divest Facet Filtration Business

(RTTNews) - Parker Hannifin Corp. (PH) said that a Proposed Final Judgment has been filed by the U.S. Department of Justice in the U.S. District Court for the District of Delaware. The Proposed Final Judgment seeks approval of a settlement resolving the matters described in the complaint filed by DOJ on September 26, 2017 regarding Parker's U.S. qualified aviation ground fuel filtration business.

Under the terms of the Proposed Final Judgment, and subject to court approval, Parker will divest its global Facet filtration business. The Facet filtration business includes the U.S. qualified aviation ground fuel filtration business under inquiry by DOJ, plus filtration products and technologies for other aviation fuel, marine, environmental and general applications.

Parker will retain the rest of the CLARCOR businesses and its aviation ground fuel filtration business owned prior to the CLARCOR merger and marketed under the Parker Velcon brand name.