Title: Filtration Market Rankings Change with Two Acquisitions

Two significant mergers in the filtration industry have taken place in the last month. Lydall has acquired Gutsche and Parker Hannifin has acquired Clarcor. Lydall’s acquisition is relatively small but their increase in market share is large. Parker Hannifin’s acquisition is large but their increase in market share is relatively small. One reason for this is that Lydall is nearer the beginning of the supply chain where total revenues are less. The second reason is that Lydall has focused on a niche market, whereas the Parker acquisition is much broader based. Lydall, Inc. has entered an agreement to acquire MGF Gutsche GmbH & Co. KG (“Gutsche”) for approximately $58 million in cash. The business consists of operations in Germany and China. Gutsche’s fiscal year ends on December 31, 2016 and revenue and EBITDA for these operations are forecasted by Gutsche to be approximately $50 million and $6 million, respectively.

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