Parker-Hannifin Corporation, a global leader in motion and control technologies, has completed its acquisition of Meggitt PLC for approximately £6.3 billion. Meggitt, headquartered in Coventry, UK, had annual revenue of approximately £1.63 billion for the 12-months ending June 30, 2022 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 transaction is expected to drive significant value creation for shareholders through increased organic growth, stronger cash flow and add to Parker’s earnings per share, excluding one-time costs and deal related amortisation. Meggitt will add complementary technologies, increase Parker Aerospace’s aftermarket mix through recurring revenue and enhance growth opportunities through commercial aerospace recovery, anticipated global aircraft fleet renewal, and in emerging trends such as electrification and low-carbon technologies.
