CC Industries, Inc. Acquires J.L. Clark
June 29th, 2015
J.L. Clark, Inc., a subsidiary of CLARCOR Inc. (NYSE: CLC) has been sold to CC Industries, Inc (“CCI”), an affiliate of Chicago-based Henry Crown and Company. With approximately 350 employees and annual revenues of approximately $77 million, J.L. Clark designs and manufactures specialty metal and plastic packaging for a wide variety of consumer products customers. Headquartered in Rockford, IL, the 111 year-old company also has significant manufacturing facilities in Lancaster, PA and was the original business of CLARCOR. Philip Baerenwald, President of J.L. Clark stated, “We are proud of our legacy and historical contributions to CLARCOR and thankful for their support. We are excited to adjust our ownership structure to an orientation that will more proactively develop new growth opportunities at a more rapid rate. J.L. Clark has a solid and growing business which has been consistently serving major consumer brands in diverse market segments for many years. We look forward to extending our reach into these segments, as well as developing new markets and capabilities, capitalizing on the core resources that we already have in place in both Lancaster and Rockford.”
In a separate press release by Franklin, TN based CLARCOR, Christopher L. Conway, CLARCOR’s Chairman, President and Chief Executive Officer commented, “Today is a bittersweet but exciting day for both CLARCOR and J.L. Clark. Over the last 40 years CLARCOR has transformed itself into one of the world’s leading diversified filtration companies. As we looked to the future and our strategic priorities, we reluctantly determined that the time is right for us to exit the packaging industry, a decision that benefits not only CLARCOR, but J.L. Clark as well. The simple truth is that, as a filtration company, we have not been able to give J.L. Clark the strategic focus and energy that the company and its dedicated employees deserve. Given the strong legacy of J.L. Clark and its importance in the history of CLARCOR, we did not take this decision lightly and we were extremely particular in selecting a buyer to whom that legacy could be entrusted. I believe our efforts in this regard have paid off, and I could not be happier that J.L. Clark will find a home with CCI, an iconic owner whose vision and culture are a perfect fit with J.L. Clark. Their desire to own and grow J.L. Clark was evident from the outset of our discussions, and we have every confidence that Henry Crown and Company will invigorate J.L. Clark in the way that its employees in Rockford and Lancaster deserve.” J.L. Clark is a manufacturer of decorated metal specialty packages and components, as well as injection molded plastic packages, closures, and components. Product and service sales reach across a variety of consumer product segments, including Spices, Health & Beauty Aids, Confections, Batteries, and other markets. Headquartered in Chicago, CC Industries, Inc., operates under the umbrella of Henry Crown and Company and is the holding and management company for the Crown family’s privately held operating companies, including Great Dane Trailers; Provisur Technologies; Little Lady Foods, Trail King Industries and Gillig LLC.