LONDON–Engineering company Meggitt PLC (MGGT.LN) said Tuesday that it will acquire the aerospace components manufacturing division of EDAC, formerly Parkway Aerospace & Defense, for $340 million in cash.
The company is buying the composites unit of EDAC from Greenbriar Equity Group and other associated sellers. The acquisition, which is being financed by debt facilities, is expected to complete by the end of the current year.
The composites unit will be integrated into Meggitt Polymers & Composites division, the company said.
Write to Tapan Panchal at email@example.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
View more information: https://www.marketwatch.com/story/meggitt-to-buy-manufacturing-unit-of-edac-2015-09-22