Parker Hannifin Corp. announced Monday a deal to buy privately held adhesives, coatings and materials company Lord Corp. for $3.68 billion in cash. Parker said it plans to finance the deal with new debt. The deal, which is expected to close within the next four to six months, is not expected to impact Parker's dividend payout targets. "The combination of Parker and LORD is expected to drive significant value for Parker shareholders and be accretive to organic growth, EBITDA margins, cash flow and EPS, excluding one-time costs and deal related amortization," said Parker Chief Executive Tom Williams. Parker's stock, which is still inactive in premarket trade, has rallied 11.3% over the past 12 months while the S&P 500 has gained 10.1%.
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