Parker-Hannifin completes Meggitt acquisition
One of Meggitt's defence contracts was awarded in 2019 to provide palletised cooling units for USN P-8A Poseidon aircraft. (Photo: Meggitt)
US-based Parker Hannifin says its acquisition of Meggitt brings complementary capabilities to its portfolio.
US company Parker-Hannifin Corporation announced on 13 September that it has completed its acquisition of UK-based Meggitt for about £6.3 million ($7.26 million).
Meggitt posted revenues of £1.63 billion for the 12 months ended 30 June 2022. The company’s technology is installed on ‘almost every major aircraft platform’, Parker-Hannifin stated.
Tom Williams, chairman and CEO 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 aero-engine components and systems.’
The original announcement of the pending deal in August 2021 prompted concerns over the loss of UK sovereign industrial capability, prompting the UK government to order a review by the Competition and Markets Authority.
More from Defence Notes
-
![Spain unveils new multi-billion euro defence investment plan]()
Spain unveils new multi-billion euro defence investment plan
The new plan outlined how Spain would reach 2% of its GDP spend on defence by 2025, with €1.9 billion earmarked for new equipment acquisition with several land, naval and air platforms disclosed to be replaced or upgraded.
-
![New Zealand boosts defence spend to US$6.6 billion and vows increased closeness with Australia]()
New Zealand boosts defence spend to US$6.6 billion and vows increased closeness with Australia
This budget will be spent over the next four years and nearly doubles the country’s defence spending as part of GDP to 2%.
-
![UK Chancellor commits £2 billion to make the country a “defence industrial superpower”]()
UK Chancellor commits £2 billion to make the country a “defence industrial superpower”
Rachel Reeves announced port upgrades, protected budgets for innovation and investment in novel technologies.
-
![Avalon 2025: Australian defence budget meets the low expectations of show attendees]()
Avalon 2025: Australian defence budget meets the low expectations of show attendees
The Australian Budget was marked by tax cuts and a looming general election which led to little hope that there would be a substantial defence boost even with a big bill for nuclear submarines due.
-
![Launch of Gilat Defense targets DoD market]()
Launch of Gilat Defense targets DoD market
The communications company Gilat launched its new Gilat Defense division at the Satellite 2025 expo, with future solutions aimed at US military customers.
