28th Aug 2013 06:30
LONDON (Alliance News) - Meggitt Plc. (MGGT.L), an aerospace, defence and energy group, has signed an agreement to acquire Piezotech LLC for $41.2 million on a cash and debt free basis.
The deal strengthens two strands of Meggitt's sensing systems business. On the one hand, it strengthens Meggitt's high performance piezo-ceramic technology for extreme temperature gas turbine sensors. It also helps the company's position in emerging energy and medical markets, particularly, downhole drilling and medical applications such as ultrasound and air in line sensors.
Meggitt said its global presence will present immediate growth opportunities to Piezo, which is US-focused.
Piezo's established presence in downhole drilling and non-destructive testing will allow Meggitt to introduce its extensive sensing and monitoring product ranges to these emerging applications.
Meggitt fully expects to maintain Piezo as a standalone operation within its sensing systems division. The company plans to retain the existing management team operating from its Indiana and Colorado sites.
Copyright RTT News/dpa-AFX
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