Parker Hannifin to acquire Meggitt in deal worth £6.3bn
Parker Hannifin Corporation has reached an agreement to acquire Meggitt, the aerospace and defence motion and control technologies specialist, in a deal valued at £6.3bn.
The acquisition, which remains subject to regulatory clearances and approval by Meggitt’s shareholders, will see Parker purchase the entire issued and to be issued ordinary share capital of Meggitt.
Headquartered in Coventry, Meggitt had annual revenue of approximately $2.3bn in 2020 and employs over 9,000 staff serving customers globally. The company’s technology and products are present on almost every major aircraft.
In a statement, Parker said the combined group ‘is poised for strong growth, supported by the commercial aerospace recovery, and will be able to maximise its potential by building on a combined product portfolio and geographic footprint and by sharing operational and functional best practices.’
“The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities,” said Tom Williams, Chairman and Chief Executive Officer. “We strongly believe Parker is the right home for Meggitt. Together, we can better serve our customers through innovation, accelerated R&D and a complementary portfolio of aerospace and defence technologies.
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