MAYFIELD HEIGHTS, Ohio—It took more than a year, but Parker-Hannifin Corp. has completed its acquisition of United Kingdom-based aerospace and defense company Meggitt P.L.C.
Mayfield Heights-based Parker, a maker of motion and control technologies, closed the $7.4 billion acquisition of Meggitt Sept. 13.
The boards of Parker and Meggitt in August 2021 approved the all-cash acquisition by Parker. Regulatory approval was time-consuming and complex.
In May of this year, Parker reached an agreement to sell its Avon-based Aircraft Wheel and Brake Division in a move required to resolve concerns about overlapping activities with Meggitt and to close the acquisition. The buyer, Kaman Corp. of Bloomfield, Connecticut, a manufacturer of components and materials for aerospace and defense, industrial and medical markets. is paying $440 million for the division.
The Parker-Kaman deal closed Sept. 19.