Clayton Utz has acted for NYSE-listed Clarcor as it acquired Modular Engineering, a Perth-based maker of natural-gas filtration products, as it looked to tap into the local natural gas boom.
Clarcor, which sells filtration and packaging products and is buying 100 per cent of Australian company, said natural gas is becoming more important to Australia and the region, as countries move away from nuclear energy.
Clayton Utz Perth corporate partner Mark Paganin led the firm's team, including senior associate Andrew Hart (admitted in England and Wales, not admitted in Australia) and lawyer Tracy Chew, in achieving a successful completion of the deal for Clarcor.
Modular has been a long-time supplier to Clarcor's PECOFacet division, which is included within Clarcor's industrial/environmental filtration segment. Pursuant to the terms of the acquisition, Modular's former owners will remain with the business following completion of the acquisition.