British engineering company Meggitt has signed a deal with Greenbriar Equity Group and other associated sellers to buy the composite division of EDAC for $340m.

The unit, formerly known as Parkway Aerospace & Defense, produced engineered aerospace components for jet engine and airframe applications.

Aircraft and rocket engine manufacturers such as GE, Snecma and United Technologies are its key customers and the company generates more than 85% of revenues from civil aerospace composites.

It also has facilities in Erlanger in Kentucky, Cincinnati in Ohio, and two other sites.

One of the sites is jointly owned by Meggitt in a partnership with UTC Aerospace Systems in Saltillo, Mexico.

Saltillo employs about 579 people and manufactures secondary aerospace structures.

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"We will benefit from decades of expertise in the complex processes required to manufacture high-integrity composite components in volume."

Meggitt said that the business has substantial presence in jet engine platforms, including the GEnx, Pratt & Whitney PurePower family and LEAP engines.

The British company said the acquisition will complement Meggitt’s existing composite business.

In May, Meggitt acquired the composites businesses of UK-based Cobham for $200m.

Cobham’s composites businesses design and produce aerospace components from exhaust flaps to air-to-air refuelling systems.

Meggitt stated that the acquired unit will be integrated with its Meggitt Polymers & Composites, and will help the company create a niche composite components business focusing on engine components, secondary structures, ice protection and radomes.

Meggitt group chief executive Stephen Young said: "This business is a rare, scale player in civil engine and other composite parts.

"Like the complementary acquisition of the advanced composites businesses of Cobham plc for which the completion process is well underway, this decisively moves our composites strategy forward, and positions us strongly in this key growth area.

"Our product portfolio will be significantly enhanced by these composites acquisitions, and we will benefit from decades of expertise in the complex processes required to manufacture high-integrity composite components in volume.

"These capabilities will enable us to better address the increasing demand for composites, particularly around the engine and ancillary systems."

The acquisition will be closed by the end of this year following regulatory conditions.