CARY – Introducing Parker Lord, the new company born out of the recent sale of Lord Corporation, the Cary-based adhesive and coatings manufacturer, to Parker Hannifin Corporation as part of a $3.675 deal.
A little more than two weeks after Parker confirmed it completed the purchase of the 95-year-old family-owned company, it’s rolled out some changes.
Those start with the management.
“Not all members of the Lord Officer team are continuing forward with the company,” Jill Mastrangelo, Senior Communications Specialist with the Cleveland-based Parker Hannifin Corporation, told WRAL TechWire.
New Parker Lord logo.
That includes Lord Corporation’s former president and CEO Ed Auslander is no longer with the company.
“[Auslander] was very involved with integration planning and instrumental in helping with the transition, but he is not continuing with Parker Hannifin,” Mastrangelo said.
“He is staying in the area. He plans to take a bit of time off to travel and spend time with his family, and remains active in the community.”
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Charmaine Riggins, a 25-year Lord veteran, has joined Parker as its Lord Integration Leader, responsible for supporting a smooth and successful transition.
New structure
With regard to LORD’s new structure as part of Parker Hannifin, Lord will become six divisions within Parker’s Engineered Materials Group, which is one of six global operating groups within Parker.
There will be three Llord Global Divisions, all headquartered in Cary. These Global Divisions will provide direction and leadership to three Regional Divisions, with all six divisions led by Llord leaders who have been with the company for many years.
The Lord research and development facilities will remain in Cary.
Jobs stable
As far as jobs are concerned, it remains status quo, for the most part.
“Most team members will continue with the business,” Mastrangelo said. “We do not anticipate any significant manufacturing consolidation as a result of this integration.”
“Naturally, some roles are duplicated as we come together as one organization. In these situations, affected team members will be treated respectfully and every effort will be made to ease the transition.”
Parker first announced the deal in April.
Founded in 1924 in Erie, Pennsylvania, Lordrelocated its world headquarters to Cary in 1995. These days, it’s a global enterprise with more than 3,000 employees in 26 countries. (There are around 350 employees based in the Triangle.) Adapting to the ever-changing marketplace, its reach is wide with a foothold in key industries such as aerospace, automatic, oil and gas, and industrial.
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