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Thu, Sep 22, 2022

Parker-Hannifin Completes Sale Of Aircraft Wheel & Brake Division

Parts Manufacturer For General, Business, Rotary, And Military Aviation Finds New Home

Parker-Hannifin Corporation has completed the sale of the Aircraft Wheel and Brake Division, headquartered in Avon, Ohio to Kaman Corporation of Bloomfield Connecticut. 

Their new home will see the division leave a "leader in motion and control technologies" and move to a "leading manufacturer of components and materials for aerospace, defense, industrial, and medical markets." The European Commission cleared the acquisition of Meggitt PLC by Parker with some conditions, earlier this year setting the sale into motion. The divestment of Parker’s Aircraft Wheel and Brake Division was completed on September 13, allowing Parker’s Meggitt acquisition to continue.

Coincidentally, the newly sold Division is also a "leading manufacturer", focusing on aircraft wheel, brake, and hydraulic systems for general aviation, business aviation, rotorcraft, and military aircraft markets. Their sales average $70 million each year across those markets, a perfect fit for Kaman. 

“Kaman is a strategic buyer for the Aircraft Wheel & Brake Division,” said Roger Sherrard, vice president and president of Parker's Aerospace Group. “This is a great business with strong foundations for growth, an outstanding team and a clear strategy for future success.  We thank the team for their contributions to Parker Aerospace over many years and are confident in their continued success as part of Kaman.”

“We are excited to welcome the Aircraft Wheel & Brake employees to the Kaman family,” said Ian Walsh, CEO. “I want to thank the teams at Kaman and Aircraft Wheel & Brake for their conscientious efforts to complete the transaction and their thorough planning for a seamless integration. Kaman, together with Aircraft Wheel & Brake, is expanding the breadth of our product offerings, increasing our exposure to attractive markets, and driving meaningful near-term margin and cash flow accretion.”

FMI: www.kaman.com

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