Parker Hannifin Corp. (NYSE: PH), which makes motion-control technology, agreed to acquire filtration-products manufacturer Clarcor Inc. (NYSE: CLC) for about $4.3 billion, including the assumption of net debt.

The deal, for $83 a share in cash, represents a premium of 18 percent to Clarcor’s closing price on Nov. 30, according to a statement by Cleveland-based Parker.

Clarcor makes filters for automotive and heavy industrial applications and reported $1.5 billion in sales for the fiscal year through November 2015. The Franklin, Tennessee-based company has about 6,000 employees worldwide. The deal adds an array of industrial air and liquid filtration technologies to Parker’s filtration portfolio, according to the statement.

In other automotive deals, Samsung Electronics Co. is buying auto tech company Harman International Industries Inc. (NYSE: HAR); Qualcomm Inc. (Nasdaq: QCOM) is purchasing auto electronics maker NXP Semiconductors NV (Nasdaq: NXPI); and Volkswagen AG will buy a stake in Navistar International Corp. (NYSE: NAV).

The combination “offers a great opportunity to combine our strength in international markets and original-equipment manufacturers with Clarcor’s strong U.S. presence and high percentage of recurring sales in the aftermarket,” Parker chief executive officer Tom Williams said in the statement.

Parker expects to realize annual cost synergies of about $140 million three years after closing, in part through the consolidation of the companies’ supply chains. Parker posted sales of $11.4 billion for the fiscal year through June 2016 and had 49,000 employees.

The transaction has been approved by the boards of both companies and is expected to be completed by the end of September 2017, subject to customary conditions and approval by Clarcor’s shareholders.

-- Additional reporting by Mergers & Acquisitions' Demitri Diakantonis

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