US engineering company Parker-Hannifin has completed its acquisition of UK-based aerospace and defense firm Meggitt for £6.3 billion (US17.6 billion).
Meggitt, which employs more than 9,000 people around the world and supplies products such as landing gear, braking systems, fire and safety systems, sensors, fuel systems, and polymer seals. The company, which can trace its history back to 1850 also supplies components to the UK and US defense sector.
Tom Williams, Chairman and Chief Executive Officer of Parker Hannifin said, “Meggitt’s complementary product portfolio and geographic footprint, as well as its proprietary and differentiated technologies, will significantly enhance Parker’s capabilities, positioning us to provide a broader suite of solutions for aircraft and aeroengine components and systems.
“This acquisition continues the transformation of Parker’s portfolio with greater exposure to longer cycle, more resilient businesses that are well positioned for secular growth trends.”
Parker said that the acquisition of Meggitt will add complementary technologies, increase Parker Aerospace’s aftermarket mix through recurring revenue, and enhance growth opportunities through commercial aerospace recovery, anticipated global aircraft fleet renewal, and in emerging trends such as electrification and low-carbon technologies.
Roger Sherrard, president of Parker’s Aerospace Group said, “Parker has great respect for Meggitt, its heritage and its place in British industry.
“We are committed to being a responsible steward of the company and we plan to continue to innovate and invest in key markets that are of importance to Meggitt. The combination of Parker and Meggitt is exciting for both companies and provides our customers with a broad array of solutions for the global aerospace industry.”