Specialist provider of motion and control technologies, Parker Hannifin Corporation, has 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 Coventry based Meggitt plc.
Image courtesy Parker Hannifin Corporation
Meggitt, headquartered in Coventry, 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 defence exposure with technology and products on almost every major aircraft platform.
“The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities,” said Tom Williams (above), Chairman and CEO, Parker Hannifin Corporation. “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 defence 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.”
Yesterday's announcement was 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.
Meggitt is listed on the London Stock Exchange and is a constituent of the FTSE 250 index.