Parker-Hannifin completes Meggitt acquisition
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.
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