Parker Divests Aircraft Wheel & Brake Division To Kaman

Parker-Hannifin Corp PH has agreed to divest its Aircraft Wheel and Brake Division, located in Avon, Ohio, in the U.S., to Kaman Corp KAMN for $440 million.
Parker's Aircraft Wheel and Brake Division is a manufacturer of aircraft wheel and brake systems and related hydraulic products, with annual sales of ~$70 million.
Parker is divesting Aircraft Wheel & Brake to secure approval from certain governmental authorities in connection with its previously announced offer to acquire Meggitt PLC MEGGF.
Related: Parker-Hannifin Offers Remedies In Bid For EU Clearance Of Meggitt Deal: Reuters
Kaman expects the transaction to be accretive to margin and cash flow within the first twelve months following the close of the transaction, which is likely to occur before year-end.
Kaman held cash and equivalents of $129.1 million as of April 1, 2022.
Parker continues to expect the Meggitt acquisition to close in Q3 2022.
Price Action: KAMN shares are trading higher by 8.11% at $35.59, and PH is higher by 1.78% at $263.37 on Monday's last check.