Parker-Hannifin has signed an agreement to divest its Aircraft Wheel and Brake Division, located in Avon, Ohio, in the United States, to Kaman Corporation, which manufactures components and materials for aerospace and defense, industrial and medical markets.
As previously announced, the European Commission cleared Parker’s acquisition of Meggitt, conditional on full compliance with the commitments offered by Parker, including the divestment of Parker’s Aircraft Wheel and Brake Division.
Parker’s Aircraft Wheel and Brake Division manufactures aircraft wheel and brake systems and related hydraulic products for general aviation, business aviation, rotorcraft, and military aircraft markets with 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.”
Closing of this divestiture is subject to regulatory approvals, while Parker’s pending acquisition of Meggitt remains subject to approval of this divestiture by the European Commission and ongoing review by other governments and regulatory authorities, including the U.K. Secretary of State for Business, Energy & Industrial Strategy and the U.S. Department of Justice.
Citigroup acted as financial advisor for Parker and Jones Day, and Freshfields Bruckhaus and Deringer, acted as legal advisors in this transaction.