Parker Hannifin To Acquire Meggitt in $8.8B Aerospace Deal
CLEVELAND, Ohio — Parker-Hannifin Corp. announced Monday that it’s agreed to purchase United Kingdom-based Meggitt plc, a global aerospace and defense motion and control technologies company, for $8.8 billion.
The acquisition remains subject to approval by Meggitt’s shareholders.
Meggitt, headquartered in Coventry, the United Kingdom, 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 250 index.
“The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities,” said Tom Williams, Parker’s chairman and CEO. “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 defense technologies,” he said.
Parker-Hannifin said it would keep employment at Meggitt at current levels and increase apprenticeship opportunities by 10%.
Parker-Hannifin is a Fortune 250 company engaged in motion and control technologies. The company, established more than 100 years ago, has more than 55,000 employees in 50 countries.
The company in 2000 purchased Commercial Intertech in Youngstown on Logan Avenue, but closed that operation in 2013. It also shut down a second Youngstown operation at the Salt Springs Road business park in 2017.
Published by The Business Journal, Youngstown, Ohio.