Meggitt (
www.meggitt.com), the aerospace engineering company based at Bournemouth Airport, has bought the advanced-composites business of defence group Cobham for $200 million (£129.1 million).
Wimborne-based Cobham said that the deal is “consistent with its strategy of simplifying its portfolio by focusing on segments where we have scale and market-leading positions”.
The composites business, which reported revenues of $81.1 million (£52.4 million) for 2013, has facilities in Shepshed (Leicestershire) and Stevenage (Hertfordshire), as well as in the USA. It will become part of Meggitt Polymers & Composites.
Stephen Young, chief executive of Meggitt, said: “This acquisition represents a major step in strengthening our composites capability. The business is highly complementary to Meggitt’s business model, with strong technology positions, a significant level of single-source content and substantial growth opportunities in commercial aerospace. It will enhance our technologies and product offerings in complex composites, which are key to next-generation aircraft components.”
The deal is conditional on regulatory clearances; it is expected to be completed in the fourth quarter of this year.