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  • Friday, November 22, 2024

Kaman Closes Buy of Parker Hannifin’s Aircraft Wheel, Brake Division

Aerospace components maker Kaman (NYSE: KAMN) has wrapped up its purchase of Parker Hannifin‘s (NYSE: PH) business that offers aircraft braking products, systems and services.

Parker said Monday the aircraft wheel and brake division sale transaction complies with the commitments the company offered to acquire British aerospace and defense technology supplier Meggitt.

The now-Kaman subsidiary generates an estimated $70 million in annual revenue and serves military aircraft, general and business aviation and rotorcraft operators.

Bloomfield, Connecticut-based Kaman first announced the $440 million acquisition in May, saying it aims to expand its presence in the aftermarket products market.

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