Parker advances Meggitt acquisition

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To meet the requirements of its pending acquisition of Meggitt plc, Parker Hannifin Corp. sold its aircraft wheel and brake business to Kaman Corp. The approximately $440 million transaction is expected to close during Q3 2022. Kaman, headquartered in Bloomfield, Connecticut, manufactures components and materials for aerospace and defense, industrial, and medical markets.

In April 2022, the European Commission cleared Parker’s $8.2 billion bid for Meggitt, based in Coventry, U.K., conditional on Parker divesting its Avon, Ohio-based aircraft wheel and brake division.

Parker and Meggitt compete as global suppliers of wheels and brakes for commercial and military aircraft, including helicopters and drones. The remedy package Parker offered preserves competition in these markets and includes provisions to ensure the division’s buyer can operate the business viably and independently from the merged entity.

Meggitt shareholders approved the cash acquisition by Parker in September 2021, but the offer remains under review by other authorities, including the U.K. Secretary of State for Business, Energy & Industrial Strategy, and the U.S. Department of Justice.

“We are pleased to have finalized an agreement with Kaman who is a strategic buyer for the Aircraft Wheel & Brake Division,” says Roger Sherrard, vice president and president of Parker’s Aerospace Group. “This is a great business with strong foundations for growth, an outstanding team, and a clear strategy for future success.”

Aircraft Wheel & Brake, in business for more than 80 years, supports more than 100 aircraft platforms with capabilities including design, development and qualification, manufacturing and assembly, product support, and repairs.

Kaman Chairman, President, and CEO Ian Walsh says, “We’re excited to add the experienced Aircraft Wheel & Brake management team to our organization while utilizing their leading proprietary technology and strong customer relationships.”

Kaman management says Aircraft Wheel & Brake’s proprietary manufacturing and material science technologies should enhance Kaman’s Engineered Products segment and increase the firm’s visibility in aerospace and defense markets with significant growth potential, including higher-margin aftermarket products.

Doosan Machine Tools becomes DN Solutions

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Doosan Machine Tools changed its name to DN Solutions following a merger with DN Automotive, its new parent company since January 2022.

Founded in 1971, DN Automotive produces tires, batteries, and vibration management systems.

“This name change was intended to signify our commitment to becoming a global manufacturer. DN Solutions and DN Automotive create a synergistic effect by working together to find new growth engines and maximize manufacturing capabilities,” says DN Solutions CEO Kim Jae-Seop.

DN Solutions America is based in Pine Brook, New Jersey.