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Parker-Hannifin completes Meggitt acquisition

15th September 2022 - 10:00 GMT | by The Shephard News Team


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.

The Shephard News Team


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