Kaman (NYSE: KAMN) will purchase the aircraft wheel and brake division of Parker Hannifin for $440 million in a move aimed at expanding the former’s footprint in the aerospace and defense end markets and raising its aftermarket products position.
Ian Walsh, chairman, president and CEO of Kaman, said in a statement Monday the acquisition is meant to support the company’s M&A-driven growth strategy through portfolio expansion and more market exposure.
Parker Aircraft Wheel & Brake offers technology products for military fixed-wing aircraft and rotorcraft as well as general aviation platforms for customers. The division designs, manufactures, assembles and maintains wheels, brakes and related hydraulic components, among other equipment.
The transaction is subject to customary working capital adjustment and all necessary regulatory approvals. Kaman employs J.P. Morgan Securities as financial adviser and K&L Gates as legal adviser for the deal.
Aircraft Wheel & Brake is being divested by Parker as part of the company’s move to acquire Meggitt, a British international company developing A&D motion and control technologies.