Meggitt acquires Cobham's advanced composites businesses

Christchurch, Dorset, UK – Meggitt PLC, an international engineering group specializing in aerospace, defense, and energy markets, has agreed to acquire the advanced composites businesses of Cobham plc for US$200 million in cash, financed from existing resources.

 

The advanced composites businesses of Cobham plc are comprised of Cobham Advanced Composites Ltd., Compass Composite Products Inc., and certain assets of Cobham Advanced Electronic Solutions Inc. The businesses employ 487 employees and operate four facilities across the US and the UK.

 

The businesses are global leaders in the design, development, and production of highly engineered aerospace composite engine components (spinners, internal multi-stage components, exhaust flaps), radomes (C4I and defensive measures radomes, with a growing position in civil radomes) and complex secondary structures (air-to-air refueling, structural munitions components). The businesses will be integrated into Meggitt Polymers & Composites (MPC), a division of Meggitt PLC.

 

The businesses operating facilities are located in the United States (San Diego, California and Baltimore, Maryland) and in the UK (Shepshed, Leicestershire and Stevenage, Hertfordshire).

 

The businesses revenues in 2014 were US$81.1 million. 

 

Stephen Young, Group Chief Executive of Meggitt, commented: "The acquisition represents a major step in strengthening our composites capability. The advanced composites businesses of Cobham plc are highly complementary to Meggitt's business model, with strong technology positions, a significant level of sole-source content, and substantial growth opportunities in commercial aerospace.

 

"The acquisition will enhance our materials and manufacturing technologies and product offerings in complex composites, which are key to next generation aircraft components.

 

"We look forward to welcoming the employees of the advanced composites businesses into our organization."

 

The acquisition, subject to clearances and customary conditions, is expected to complete in the fourth quarter of 2015.