Parker-Hannifin To Complete £6.3b Meggitt Acquisition in 2022
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Meggitt’s acquisition by US-owned Parker-Hannifin will be completed as planned in 2022.
Madeline Wild, Associate Defense Analyst at GlobalData, a leading data and analytics company, comments: “The takeover of Meggitt by Parker-Hannifin is worth a sizeable £6.3 billion.
The British firm produces avionics, braking systems and defense systems, including parts for the F-35 Lightning II aircraft. According to GlobalData, the company recorded a revenue of $2.2 billion in 2020, which is a -25.65% growth rate from 2019. Furthermore, GlobalData can reveal that Meggitt’s net income reduced by 241.84% over the same period. This may go some way to explain the confidence exhibited by the parties involved in the acquisition.
While the company still maintains a large industry presence, the financial difficulties faced during the Covid-19 period may make it more liable to passing any UK Government enforced checks.”
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