Wed, May 25, 2022
Parker Divests Wheel & Brake Works in Preparation for Meggitt Acquisition
Parker Hannifin (Parker) announced today that it has signed an agreement to divest its Aircraft Wheel Brake Division to Kaman Corporation.
The move was made in accordance with a European Commission’s stipulation that Parker divest itself of the division prior to acquiring Meggitt PLC (Meggitt), the British international company specializing in components and sub-systems for the aerospace, defense, and energy industries.
Under Parker, the wheel and brake division saw annual sales of approximately $70 million. “We are pleased to have finalized an agreement with Kaman who 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.”
Despite its acquisition of Meggitt remaining contingent upon numerous conditions, regulatory clearances, and bureaucratic horrors, Parker continues to expect the deal to close in the third quarter of 2022.
Parker Hannifin Corporation, originally Parker Appliance Company, is among the world’s largest, motion and control technology concerns. The company was founded in 1917 and employs about 58,000 people globally.
Kaman Corporation, founded in 1945 by Charles Kaman, is an American aerospace company headquartered in Bloomfield, Connecticut. Originally specializing in helicopter design and manufacturing, the company has diversified eclectically and now produces gadgets ranging from bearings and data transfer systems, to motion drives and acoustic guitars. Worldwide, Kaman maintains 241 offices and 5 distribution facilities between which it employs over 5,000 individuals.
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