Meggitt completes acquisition of EDAC composites division
Meggitt has completed the $340m (£228m) acquisition of the composites division of EDAC after receiving the customary US regulatory approvals.
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The aerospace and engineering group said the acquired businesses will be integrated into its polymers and composites division.
Chief executive Stephen Young said: “This acquisition, in tandem with the recently completed acquisition of the composites businesses of Cobham, substantially enhances our composites capability. We are now very well positioned to meet a growing demand for high performance, lightweight materials that will be a pervasive feature of next generation aircraft.
“The group extends a warm welcome to our new employees and looks forward to our continuing success together."
At 0833 GMT, Meggitt shares were up 0.8% to 364.90p.