Filtration products maker Clarcor acquired an Australian company that manufactures various types of equipment for the energy sector.
Terms of the deal for Modular Engineering, which has a long-standing relationship with Clarcor's PECOFacet division, are not yet being disclosed. Franklin-based Clarcor said the acquisition won't be material to earnings, but it will be accretive. It's also a play on the energy exploration boom playing out in several parts of the Asia-Pacific rim.
"As countries such as Japan move away from nuclear energy, natural gas is playing an ever more important role in satisfying the region’s energy needs," said Clarcor CEO Chris Conway. "Modular gives us first-fit filtration manufacturing capabilities in Western Australia, as well as a platform to increase our sales of aftermarket elements throughout the region."
Shares of Clarcor (Ticker: CLC ) closed Thursday trading at $49.04, up slightly on the day. Year to date, they're down about 2 percent.