Parker acquires composite manufacturer

Parker-Hannifin has acquired UK composite parts manufacturer Meggitt for around £6.3 bn.

Meggitt, based in the city of Coventry, had annual revenue of around £1.63 bn for the 12 months ending June 30, 2022 and has more than 9,000 employees. It make parts for aerospace and defense applications.

“Meggitt’s complementary product portfolio and geographic footprint, as well as its proprietary and differentiated technologies, will significantly enhance Parker’s capabilities, positioning us to provide a broader suite of solutions for aircraft and aeroengine components and systems,” said Tom Williams, Parker CEO.