- Parker-Hannifin Corp (NYSE:PH) has agreed to divest its Aircraft Wheel and Brake Division, located in Avon, Ohio, in the U.S., to Kaman Corp (NYSE:KAMN) for $440 million.
- Parker's Aircraft Wheel and Brake Division is a manufacturer of aircraft wheel and brake systems and related hydraulic products, with annual sales of ~$70 million.
- Parker is divesting Aircraft Wheel & Brake to secure approval from certain governmental authorities in connection with its previously announced offer to acquire Meggitt PLC (OTC:MEGGF).
- Related: Parker-Hannifin Offers Remedies In Bid For EU Clearance Of Meggitt Deal: Reuters
- Kaman expects the transaction to be accretive to margin and cash flow within the first twelve months following the close of the transaction, which is likely to occur before year-end.
- Kaman held cash and equivalents of $129.1 million as of April 1, 2022.
- Parker continues to expect the Meggitt acquisition to close in Q3 2022.
- Price Action: KAMN shares are trading higher by 8.11% at $35.59, and PH is higher by 1.78% at $263.37 on Monday's last check.
