Aerospace products, such as Kaman Corp.’s K-MAX heavy-lift helicopters, have traditionally been among the state’s top exports, but the COVID-19 pandemic greatly disrupted the sector.
Bloomfield-based Kaman Corp. has entered into an agreement to acquire Parker-Hannifin Corp.’s wheel and brake division for $440 million, subject to regulatory approvals.
In April, Parker-Hannifin announced that the European Commission approved its acquisition of Meggitt PLC, a British company specializing in components for the aerospace, defense and energy markets. The deal was conditional on the divestment of Parker’s Aircraft Wheel and Brake division, located in Avon, Ohio.
For more than 80 years, Parker-Hannifin Aircraft Wheel & Brake Division has sold wheels, brakes and related hydraulic components for fixed-wing aircraft and rotorcraft.
The addition of Aircraft Wheel & Brake increases Kaman’s exposure to aerospace and defense markets with significant growth potential, according to a news release.
The transaction is expected to close before the end of the year. J.P. Morgan Securities LLC was the financial adviser and K&L Gates LLP was Kaman’s legal adviser.
Source: Hartford Business