Parker Announces Recommended All Cash Acquisition of Meggitt PLC

ParkerEngineeringLogo

 August 19, 2021

 Parker Hannifin Corporation announced that it has reached an agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Meggitt.

The announcement has been issued jointly by Parker and Meggitt plc through the UK’s Regulatory News Service (RNS) under Rule 2.7 of the UK Takeover Code. The Acquisition remains subject to satisfaction of the conditions set out in the announcement, including regulatory clearances and approval by Meggitt’s shareholders. For the full announcement, a copy of this press release and further information, please visit the dedicated transaction microsite www.aerospacegrowth.com.

Meggitt, headquartered in Coventry, the 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 250 index.

“The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities,” said Tom Williams, Chairman and Chief Executive Officer. “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.

“We are committed to being a responsible steward of Meggitt and are pleased our acquisition has the full support of Meggitt’s Board. We fully understand these responsibilities and are making a number of strong commitments that reflect them. During our longstanding presence in the UK we have built great respect for Meggitt, its heritage, and its place in British industry. Our own journey over more than 100 years has taught us the importance of a strong culture and reputation.”

Source

Related Articles

  • Dynamic Start to the New Year for Endress+Hauser

    Dynamic Start to the New Year for Endress+Hauser

    Endress+Hauser records strong sales growth in 2022 and looks ahead with confidence February 1, 2023 Endress+Hauser is heading into its special anniversary year with momentum. In 2022 the measurement and automation technology specialist increased consolidated sales by almost 17 percent to more than 3.3 billion euros. Nearly 16,000 people are employed worldwide by the Group…. Read More…


Latest Articles

  • NSK Innovation in Dental Handpiece Technology:Reimagining What a Bearing Can Do

    NSK Innovation in Dental Handpiece Technology:
    Reimagining What a Bearing Can Do

    Some people have perfect teeth. For the rest of us, at some point in our lives we will need to get a cavity filled. You will sit down in the chair, your dentist will pull out a dental handpiece, powered by compressed air spinning a turbine, and insert it in your mouth. You will hear a light buzzing noise “bzz bzzzt bzzz” as the decay is drilled away, and shortly after you will have a shiny new filling. Read More…

  • All About Outdoor Fiber Optic Cable

    February 2, 2023 Outdoor fiber optic cables meet many needs, and are suitable for all types of installations, whether residential, commercial or industrial. What type of outdoor cable should you choose from among the different types of size and use according to your needs? Guillevin’s experts can help. All about Outdoor Fiber Optic Cable (outside… Read More…


Featured Article

Access Management for Your Plant and Machinery

With PILZ’s “Identification and Access Management” portfolio, they offer you a comprehensive range of products, solutions and software for the implementation of safety as well as security tasks. Below you’ll discover more about potential applications, from simple authentication to complex access permissions, and access management through to safe operating mode selection, maintenance safeguarding and safeguarding of data and networks. Experience safety and security in one system!

This solution ensures that a machine cannot resume operation while people are still in the danger zone. The maintenance safeguarding system “key-in-pocket” is designed for machines with danger zones, which are protected by a safety fence and which staff need to access – robot cells for example. In comparison with conventional lockout-tagout (LOTO) systems, maintenance safeguarding with the key-in-pocket solution is implemented via RFID keys with corresponding permissions and a safe list in the PILZ controllers. As a result, it provides a purely electronic restart protection and makes both mechanical interlocking devices and warning tags redundant.

Read more


Products

  • Modular Safety Relay

    Safe Monitoring of the Cardboard Feed on Packaging Machines with PILZ’s Modular Safety Relay February 2, 2023 Packaging solutions must often accomplish one task above all: to safely protect operators. The same applies to monitoring the cardboard feed. In this case it is essential to avoid a scenario in which an operator can reach into the… Read More…

  • Reduce Your Cabling Workload – With Weidmüller’s Ready-To-Connect Solutions

    February 2, 2023 Machine and system cabling is becoming an increasingly complex task. Weidmüller provide you with the optimal solution for every cabling task. More Information Weidmüller Custom Cable Assemblies Related Story Single Pair Ethernet Promises a Consistent Ethernet Connection from the Sensor to the Cloud Single Pair Ethernet (SPE) is the catchword when it… Read More…