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Meggitt to buy composites division of EDAC for $340 million

Staff 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 produces highly engineered aerospace components for jet engine and airframe applications, with over 85% of revenues in civil aerospace composites. Key customers include GE, Snecma and United Technologies.

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.