Kaman has entered into a definitive agreement with Parker-Hannifin to acquire its aircraft wheel & brake division for US$440 million.
Parker said it was divesting Aircraft Wheel & Brake in order to secure approval from certain governmental authorities in connection with Parker’s previously announced offer to acquire Meggitt.
The Kaman acquisition is subject to a customary working capital adjustment and the receipt of all necessary regulatory approvals.
Aircraft Wheel & Brake has provided wheel and brake technology products and solutions for more than eighty years, supporting more than 100 platforms. The Ohio-headquartered division specialises in wheels, brakes and related hydraulic components for fixed-wing aircraft and rotorcraft.
“We are executing on our strategic priority of growing through accretive M&A, by expanding our Engineered Products segment by adding capabilities in markets that we know well,” said Kaman’s chairman, president and chief executive officer Ian Walsh. “The complementary acquisition of Aircraft Wheel & Brake will advance this strategy by expanding the breadth of our product offerings, increasing our exposure to attractive markets, and driving meaningful near-term margin and cash flow accretion. We are excited to add the experienced Aircraft Wheel & Brake management team to our organisation while utilising their leading proprietary technology and strong customer relationships.”
The company’s senior vice president, chief operating officer and Engineered Products segment lead Russ Bartlett commented: “Like Kaman, Aircraft Wheel & Brake prides itself on its best-in-class engineering and innovation and an engaged and loyal workforce that is dedicated to commercial excellence. We believe our similar cultures and customer-centric approaches make our organisations an outstanding match. We are excited for the Aircraft Wheel & Brake employees to join the Kaman team and work together to solve our customers’ toughest challenges.”
The transaction is expected to close before year end, subject to customary regulatory approval.
