Meggitt completes acquisition of the composites division of EDAC
Further to the announcement made on 22 September 2015, Meggitt’s US$340 million acquisition of the composites division of EDAC has now received the required US regulatory approvals and the transaction has been completed.
The acquired businesses will be integrated into Meggitt’s polymers and composites division.
Stephen Young, Chief Executive, commented: “This acquisition, in tandem with the recently completed acquisition of the composites businesses of Cobham plc, substantially enhances our composites capability. We are now very well positioned to meet a growing demand for the high performance, lightweight materials that will be a pervasive feature of next generation aircraft. The Group extends a warm welcome to our new employees and looks forward to our continuing success together.”
ENDS
For further information please contact:
Meggitt PLC
Doug Webb, Chief Financial Officer
Richard Cashin, Group Head of Investor Relations – Tel: 01202 597597
Buchanan Communications
Charles Ryland, Richard Oldworth – Tel: 0207 466 5000
About the composites division of EDAC
The composites division of EDAC is a volume producer of civil engine and other composite components. The business, with its 580-strong workforce, has facilities in Erlanger (Kentucky), Cincinnati (Ohio) and two facilities, one of which is a joint venture with UTC Aerospace Systems, in Saltillo, Mexico.
It benefits from strong positions on a broad range of civil aerospace platforms including the high-growth GEnX, LEAP and Pratt & Whitney PurePower engines.
Meggitt PLC
Meggitt PLC is a leading international engineering group specialising in aerospace, defence and energy markets. Meggitt’s goal is to increase and strengthen its presence in long-term growth markets through proprietary product development reinforced by strategic acquisitions and investment in people and facilities. Meggitt’s well-balanced portfolio offsets variation in demand from the market niches within which it operates.