CLEVELAND — Parker Hannifin Corp., the global leader in motion and control technologies, announced Monday that it has completed the previously announced divestiture of its North America Composites and Fuel Containment Division to private investment firm SK Capital Partners.
“We are pleased to have completed this sale for the North America Composites and Fuel Containment Division,” said Jenny Parmentier, chairman and chief executive officer. “One element of our strategy is assessing whether we are the best owner for certain businesses or whether they could be more successful as part of another organization. We wish the CFC team continued success under the ownership of SK Capital Partners, whom we are confident has the expertise to help this already strong business achieve its full potential.”
Parker’s CFC Division has six manufacturing locations across the U.S. and Mexico and generates annual sales of approximately $350 million. It became part of Parker’s North America businesses within the Diversified Industrial Segment following the acquisition of Meggitt plc in 2022.
CFC is a leading manufacturer of engineered carbon fiber composites and fuel containment solutions.