LONDON, UK: Parker-Hannifin Corporation has signed an agreement to divest its Aircraft Wheel and Brake Division, located in Avon, Ohio, in the United States, to Kaman Corporation, a leading manufacturer of components and materials for aerospace and defense, industrial and medical markets.Â
Parker’s Aircraft Wheel and Brake Division is a leading manufacturer of aircraft wheel and brake systems and related hydraulic products for general aviation, business aviation, rotorcraft, and military aircraft.
On 2 August 2021, the boards of Meggitt PLC and Parker-Hannifin Corporation announced that they had reached agreement on the terms and conditions of a recommended all cash acquisition of the entire issued, and to be issued, ordinary share capital of Meggitt, to be effected by means of a Court-sanctioned scheme of arrangement. As previously announced, the European Commission cleared Parker’s acquisition of Meggitt, conditional on full compliance with the commitments offered by Parker, including the divestment of Parker’s Aircraft Wheel and Brake Division. This divestiture will have no bearing on the UK operations of either Parker or Meggitt.
“We are pleased to have finalized an agreement with Kaman who is a strategic buyer for the Aircraft Wheel & Brake Division,” said Roger Sherrard, Vice President and President of Parker’s Aerospace Group. “This is a great business with strong foundations for growth, an outstanding team and a clear strategy for future success.”
Closing of this divestiture is subject to regulatory approvals, while Parker’s pending acquisition of Meggitt remains subject to approval of this divestiture by the European Commission and ongoing review by other governments and regulatory authorities, including the U.K. Secretary of State for Business, Energy & Industrial Strategy and the U.S. Department of Justice.
The Meggitt acquisition remains subject to satisfaction or, where applicable, waiver of the Conditions set out in the Scheme Document, including further regulatory clearances and the sanction of the scheme of arrangement by the Court pursuant to the Companies Act.
Parker continues to expect the Meggitt acquisition to close in Q3 2022.
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 65 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. www.parker.com
Meggitt, headquartered in Coventry, UK, had annual revenue of approximately $2.3 billion in 2020 and employs more than 9,000 team members serving customers around the world. Meggitt has diverse aerospace and defense exposure with technology and products on almost every major aircraft platform. Meggitt is listed on the London Stock Exchange and is a constituent of the FTSE 100 index.