Kaman Corporation (NYSE:KAMN) said it will acquire Parker-Hannifin’s aircraft wheel & brake division for $440 million. The deal is subject to customary working capital adjustment and “the receipt of all necessary regulatory approvals,” Kaman said.
The company said Parker is divesting wheel & brake division to secure approval from specific governmental authorities in connection with its offer to acquire Meggitt PLC. The division specializes 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 Ian Walsh, Kaman chairman, president and CEO. “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 organization while utilizing their leading proprietary technology and strong customer relationships.”