Deal Should Be Complete By September
Parker Hannifin Corporation and NXT LLC today announced they
have reached an agreement in principle for NXT to purchase the AFIS
(Automatic Flight Inspection System) product line, from Parker's
Aerospace Group for an undisclosed amount. The system currently
accounts for less than $1 million of Parker's total sales. Based in
Oklahoma City, NXT plans on aggressively pursuing the domestic and
international flight inspection marketplace. The divestiture is
expected to be completed by the end of September, subject to
negotiation and execution of definitive documentation and receipt
of necessary government approvals.