22nd Sep 2015 06:17
LONDON (Alliance News) - Aerospace and engineering group Meggitt PLC on Tuesday said it has struck a USD340.0 million cash deal to acquire the composites arm of US manufacturer EDAC from Greenbriar Equity Group and its other owners.
The composites arm of the company produces aerospace components for jet engines and airframes, with more than 85% of revenue derived from the civil aerospace market. Its customer base includes the likes of General Electric and United Technologies, Meggitt said. The business also has a substantial presence on established jet engine platforms, including the PurePower and LEAP engines made by Pratt & Whitney.
Meggitt said that, in combination with its recent deal to acquire the composites arm of Cobham PLC, the new deal will create a large niche composites franchise. It will be integrated into Meggitt's Polymers & Composites division.
The composites arm of EDAC has sites in Kentucky and Ohio, plus a joint venture operation in Mexico.
"This business is a rare, scale player in civil engine and other composite parts. Like the complementary acquisition of the advanced composites businesses of Cobham plc for which the completion process is well underway, this decisively moves our composites strategy forward, and positions us strongly in this key growth area," said Meggitt Chief Executive Stephen Young.
By Sam Unsted; [email protected]; @SamUAtAlliance
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