Parker Hannifin has completed its previously announced acquisition of US-based Exotic Metals Forming Company in a deal valued at $1.725bn.
The latest deal adds high-temperature, high-pressure air and exhaust management solutions for performance-critical aircraft, as well as engine applications to Parker’s portfolio.
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The transaction is also expected to be accretive to the company’s organic growth, EBITDA margin, EPS and cash flow.
Parker signed a definitive agreement in July to acquire Exotic Metals Forming.
Parker Hannifin chairman and CEO Tom Williams said: “The addition of Exotic significantly expands our capabilities and increases Parker’s offering in the attractive engine segment, serving high-growth programmes.
“This strategic transaction reinforces our stated objective to invest in an attractive margin, growth businesses, such as aerospace, that accelerates us towards top-quartile financial performance.”
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By GlobalDataThe engine build-up technologies, engine exhaust nozzles, complex engine turbine hot section assemblies, and airframe and engine ducting of Exotic will complement Parker’s portfolio of flight control, fuel and inerting, hydraulics, fluid conveyance and engine technologies.
Following the acquisition, an integration team is currently in place and a detailed integration plan is underway for facilitating a smooth transition between the companies.
Operating as a standalone division within Parker’s Aerospace Group, Exotic Metals Forming will continue to be led by the company’s former president and CEO Bill Binder.
Parker Hannifin Aerospace Group vice-president and president Roger Sherrard said: “Exotic will operate as a stand-alone division within the group, specialising in some of the most complex and demanding aircraft applications.
“Their unique products and proprietary manufacturing capabilities will complement Parker Aerospace products and solutions, resulting in a stronger value proposition for customers.”
