General Electric has agreed to sell an Overland Park-based subsidiary to a Tennessee firm for $265 million.
Clarcor Inc., based in Franklin, Tenn., will buy the air filtration business line from GE’s Power & Water division. The sale is expected to be completed by the end of this year, Clarcor said Wednesday.
The operation supplies air filtration systems and filters for gas turbine generators and other industrial processes. It has 700 employees worldwide, generates revenue of $230 million annually and has plants in Missouri, the United Kingdom and China.
GE’s air filtration business is better known as BHA. The company was founded in 1975 as a division of Standard Havens Inc. and was sold to GE in September 2004 for $260 million.
Clarcor said in the announcement that BHA is one of the industry’s “most well-known and respected names.” The local operation will continue after the acquisition to supply air filtration products to GE under a multiyear supply agreement.
Clarcor makes and sells filtration products and consumer and industrial packaging products sold worldwide. It has revenue of about $1 billion and more than 5,400 employees.
Victor Abate, the president and chief executive of power generation products for GE Power & Water, said the operation is being sold so GE can focus more on gas turbine technology.