Parker-Hannifin Corporation, the global leader in motion and control technologies, has completed its acquisition of Meggitt PLC for approximately £6.3 billion. Meggitt, headquartered in Coventry, the UK, had annual revenue of approximately £1.63 billion for the 12 months ending June 30, 2022 and employs more than 9,000 team members serving customers around the world. Meggitt has diverse aerospace and defense exposure with technology and products on almost every major aircraft platform.

“We are excited to have reached the closing of what is a very compelling strategic and cultural combination,” said Tom Williams, Chairman and Chief Executive Officer. “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. This acquisition continues the transformation of Parker’s portfolio with greater exposure to longer cycle, more resilient businesses that are well positioned for secular growth trends.”

The transaction is expected to drive significant value creation for shareholders through increased organic growth, stronger cash flow and add to Parker’s earnings per share, excluding one-time costs and deal related amortization. Meggitt will add complementary technologies, increase Parker Aerospace’s aftermarket mix through recurring revenue, and enhance growth opportunities through commercial aerospace recovery, anticipated global aircraft fleet renewal, and in emerging trends such as electrification and low-carbon technologies.