(RTTNews) - Kaman Corp. (KAMN) announced Monday that it has entered into a definitive agreement with Parker-Hannifin Corp. (PH), under which Kaman will acquire Parker's aircraft wheel & brake division for $440 million, subject to a customary working capital adjustment and the receipt of all necessary regulatory approval.
Parker is divesting Aircraft Wheel & Brake in order to secure approval from certain governmental authorities in connection with Parker's previously announced offer to acquire Meggitt plc.
Parker's aircraft wheel & brake division has been a provider of mission-critical wheel and brake technology products and solutions for more than eighty years.
Aircraft Wheel & Brake operates out of one centralized facility in Avon, Ohio, providing a full suite of capabilities including design, development and qualification, as well as manufacturing and assembly, product support and repairs.
The complementary acquisition of the division will expanding the breadth of our product offerings, increasing our exposure to attractive markets, and driving meaningful near-term margin and cash flow accretion.
The transaction is expected to close before year end, subject to customary regulatory approval, including under applicable competition and foreign investment laws, and certain other closing conditions.
Closing of the transaction is not subject to a financing condition, although the company has obtained a financing commitment, subject to customary conditions, that will provide it with sufficient funding to consummate the closing.
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