Parker divests its Aircraft Wheel and Brake division
Clients Parker Hannifin Corporation
Jones Day is advising Parker-Hannifin Corporation (NYSE: PH, “Parker”), the global leader in motion and control technologies, in its proposed divestiture of its Aircraft Wheel and Brake Division, located in Avon, Ohio, to Kaman Corporation (NYSE: KAMN) for $440 million.
The transaction has been entered into in connection with Parker’s proposed acquisition of Meggitt PLC (“Meggitt”). Closing of the divestiture is subject to regulatory approvals, while Parker’s pending acquisition of Meggitt remains subject to approval of the divestiture by the European Commission and ongoing review by other governments and regulatory authorities, including the U.K. Secretary of State for Business, Energy & Industrial Strategy and the U.S. Department of Justice.