Kaman Corp. (KAMN) announced Monday that it has entered into a definitive agreement with Parker-Hannifin Corp. (PH), under which Kaman will acquire Parker’s aircraft wheel & brake division for $440 million, subject to a customary working capital adjustment and the receipt of all necessary regulatory approval.<\/p>\n
Parker is divesting Aircraft Wheel & Brake in order to secure approval from certain governmental authorities in connection with Parker’s previously announced offer to acquire Meggitt plc.<\/p>\n
Parker’s aircraft wheel & brake division has been a provider of mission-critical wheel and brake technology<\/span> products and solutions for more than eighty years.<\/p>\n
Aircraft Wheel & Brake operates out of one centralized facility in Avon, Ohio, providing a full suite of capabilities including design, development and qualification, as well as manufacturing and assembly, product support and repairs.<\/p>\n
The complementary acquisition of the division will expanding the breadth of our product offerings, increasing our exposure to attractive markets<\/span>, and driving meaningful near-term margin and cash flow accretion.<\/p>\n
The transaction is expected to close before year end, subject to customary regulatory approval, including under applicable competition and foreign investment laws, and certain other closing conditions.<\/p>\n
Closing of the transaction is not subject to a financing condition, although the company has obtained a financing commitment, subject to customary conditions, that will provide it with sufficient funding to consummate the closing. <\/p>\n
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