Meggitt shareholders have today approved the terms of Parker Hannifins recommended cash acquisition of Meggitt.
Tom Williams, Chairman and Chief Executive Officer of Parker Hannifin.
Courtesy Parker Hannifin Corporation
Headquartered in Coventry, UK, Meggitt has diverse aerospace and defence exposure with technology and products on almost every major aircraft platform, employs over 9,000 people and in 2020 had annual revenue of around $2.3 billion.
Tom Williams, Chairman and Chief Executive Officer of Parker Hannifin, said: “We are pleased that our recommended acquisition has been approved by Meggitt’s shareholders.
"We are confident the combination of Meggitt and Parker creates a world class provider of engineered aerospace solutions, enabling us to advance next generation civil and military aerospace programmes, invest in R&D to develop innovative and sustainable technologies and create opportunities for team members.
"We understand the importance of a strong cultural fit in creating and nurturing successful organisations. The legally-binding commitments we offered alongside our recommended offer underline our intention to be a responsible steward of Meggitt and we are engaged with the UK government to finalise the commitments.
"Bringing together the talent, skills and operational best practices from Meggitt and Parker will create a stronger value proposition for our customers, shareholders, employees and communities.”
At the court meeting 86.82% of Scheme shareholders voted in favour of the acquisition and 99.79% of shareholders voted in favour of the acquisition at the general meeting. The transaction will proceed and is expected to close in the third quarter of calendar year 2022.