Meggitt swoops for rival in £129m deal

Meggitt, the firm which manufactures aerospace engine components in Shepshed, has agreed to buy the composites business of south-west rival Cobham for £129m.

The businesses will be integrated into Meggitt Polymers & Composites (MPC), a division of Meggitt.Stephen Young, chief executive of Meggitt, said: “The acquisition represents a major step in strengthening our composites capability. The advanced composites businesses of Cobham plc are highly complementary to Meggitt’s business model, with strong technology positions, a significant level of single-source content and substantial growth opportunities in commercial aerospace.”The acquisition will enhance our materials and manufacturing technologies and product offerings in complex composites, which are key to next generation aircraft components.”We look forward to welcoming the employees of the advanced composites businesses into our organisation.”The deal is expected to complete in the fourth quarter of 2015.