Parker-Hannifin Corporation (NYSE: PH, “Parker”), the global leader in motion and control technologies, has completed its previously announced transaction to sell its Aircraft Wheel and Brake Division, located in Avon, Ohio, in the United States, to Kaman Corporation (NYSE: KAMN).  Kaman, headquartered in Bloomfield, Connecticut, is a leading manufacturer of components and materials for aerospace and defense, industrial and medical markets.  

As previously announced, the European Commission cleared Parker’s acquisition of Meggitt PLC (“Meggitt”), conditional on full compliance with the commitments offered by Parker, including the divestment of Parker’s Aircraft Wheel and Brake Division. On September 13, 2022, Parker announced that it has completed its acquisition of Meggitt PLC.

Parker’s Aircraft Wheel and Brake Division is a leading manufacturer of 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.

“Kaman 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.  We thank the team for their contributions to Parker Aerospace over many years and are confident in their continued success as part of Kaman.”