Meggitt to buy composites division of EDAC for $340 millionStaff writer ▼ | September 23, 2015
Meggitt has agreed to acquire the composites division of EDAC, formerly known as Parkway Aerospace & Defense, from Greenbriar Equity Group and other associated sellers for $340 million in cash.
Acquisition Greenbriar Equity Group is selling
The business has a substantial presence, via multi-year long-term agreements, on high-growth jet engine platforms including the GEnx, Pratt & Whitney PurePower family and LEAP engines.
The business has sites in Erlanger (Kentucky), Cincinnati (Ohio) and two sites, one of which is a joint venture with UTC Aerospace Systems, in Saltillo, Mexico.
The joint venture site focuses on the manufacture of secondary aerospace structures. The business has a combined workforce of 579.
The Business will be integrated into Meggitt Polymers & Composites (MPC), a division of Meggitt PLC. ■