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Danaher Corp. (NYSE: DHR), Washington, D.C., has signed a definitive agreement to sell its Pacific Scientific Aerospace business, excluding the France-based Artus business, to U.K.-based Meggitt PLC (LSE: MGGT), a global aerospace and defense company.
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Meggitt also provided Danaher with a binding offer to acquire the Artus business. As required by French law, Danaher must consult with the Artus works council prior to concluding an agreement.
Upon the closing of both transactions, Meggitt will pay Danaher an aggregate cash purchase price of $685 million, subject to post-closing adjustments.
Danaher's Pacific Scientific Aerospace business is a supplier of electric power, electric linear actuation, safety and security products to both the commercial and military aerospace markets. In 2010, the business had revenues of approximately $378 million.