Aircraft supplier and manufacturer Kaman Corp. this week entered into a definitive agreement with Parker-Hannafin Corp. to acquire its aircraft wheel and brake division for $440 million. Parker is divesting the business to secure approval from regulators for its acquisition of Meggitt. Approval of Kaman’s acquisition is expected before the end of the year.
The more than 80-year-old Parker division supports over 100 aircraft platforms in the commercial, military, and general aviation markets with wheels, brakes, and hydraulic components for airplanes and helicopters. Operating out of a centralized facility in Avon, Ohio, the division designs, develops, qualifies, manufactures, and repairs those products.
The addition of the aircraft wheel and brake division “complements” Bloomfield, Connecticut-based Kaman’s engineered products segment, said Kaman chairman, president, and CEO Ian Walsh. The deal serves “our strategic priority of growing through accretive M&A…by expanding the breadth of our product offerings, increasing our exposure to attractive markets, and driving meaningful near-term margin and cash flow accretion,” Walsh added.