One of Meggitt's defence contracts was awarded in 2019 to provide palletised cooling units for USN P-8A Poseidon aircraft. (Photo: Meggitt)
US company Parker-Hannifin Corporation announced on 13 September that it has completed its acquisition of UK-based Meggitt for about £6.3 million ($7.26 million).
Meggitt posted revenues of £1.63 billion for the 12 months ended 30 June 2022. The company’s technology is installed on ‘almost every major aircraft platform’, Parker-Hannifin stated.
Tom Williams, chairman and CEO of Parker-Hannifin, said: ‘Meggitt's complementary product portfolio and geographic footprint, as well as its proprietary and differentiated technologies, will significantly enhance Parker's capabilities, positioning us to provide a broader suite of solutions for aircraft and aero-engine components and systems.’
The original announcement of the pending deal in August 2021 prompted concerns over the loss of UK sovereign industrial capability, prompting the UK government to order a review by the Competition and Markets Authority.
The initial document focused more on creating the right partnerships and inspiring investment in defence than on any details of how future UK Armed Forces would be armed.
The first stage of developing a new UK Defence Industrial Strategy has highlighted failings in current structures with solutions expected to be proposed in next year’s full strategy.
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Although Trump’s geopolitics policy for Europe remains unclear, defence analysts from the US and Europe predict how his incoming administration would attempt to handle critical issues on the continent.
The UK budget announced in Parliament on 30 October was the first by a Labour government in 14 years which has also launched a review into defence procurement programmes.
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