Bournemouth-based engineering group Meggitt has agreed to acquire the composites division of EDAC from US-based Greenbriar Equity Group — and associated sellers — for $340 million (£220 million).

The business, formerly known as Parkway Aerospace & Defense, produces highly engineered aerospace components for jet engine and airframe applications, with more than 85% of revenues in civil aerospace composites. Key customers include GE, Snecma, and United Technologies.

It 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 business will be integrated into Meggitt Polymers and Composites (MPC). Stephen Young, group chief executive of Meggitt, said: “This business is a rare, large-scale player in civil engine and other composite parts.

Like the complementary acquisition of the advanced composites businesses of Cobham plc for which the completion process is well underway, this decisively moves our composites strategy forward and positions us strongly in this key growth area.

“Our product portfolio will be significantly enhanced by these composites acquisitions, and we will benefit from decades of expertise in the complex processes required to manufacture high-integrity composite components in volume. This expertise will enable us to better address the increasing demand for composites, particularly around the engine and ancillary systems.”

The acquisition, which is conditional on regulatory clearances, is expected to be completed by the end of 2015.