Parker-Hannifin Corp. is selling its U.S. aircraft wheel and brake unit to Kaman Corp. for $440 million to get European antitrust officials on-board with its £6.3 billion plans to purchase a British aerospace engineering firm, according to a Monday announcement.
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.
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