19 July 2018 - Events
On September 26, 2017, the U.S. Department of Justice filed a civil antitrust lawsuit against Parker-Hannifin Corporation with respect to Parker-Hannifin's February 2017 acquisition of CLARCOR Inc. Prior to the acquisition by merger, Parker-Hannifin and CLARCOR were two of just three manufacturers in the world of Energy Institute-approved aviation fuel filtration systems. According to the DOJ, Parker-Hannifin's acquisition of its only U.S.-based rival substantially lessened competition in the aviation fuel filtration products market and presented threats of higher prices, less innovation and consumer harm. The DOJ's challenge occurred after the acquisition closed even though the transaction was reportable under the Hart-Scott-Rodino Act (HSR). The HSR waiting period expired on January 17, 2017, but the DOJ did not issue a Second Request for information regarding the transaction or otherwise challenge the transaction prior to closing. However, in its announcement of the lawsuit, the DOJ cited Parker-Hannifin's failure to provide significant documents and data in response to DOJ requests, which may explain the DOJ's post-closing challenge. For more information, see https://www.justice.gov/opa/pr/justice-department-files-antitrust-lawsuit-against-parker-hannifin-regarding-company-s.