Parker, which already operates in the UK and employs around 2,000 people, has pledged to maintain its UK headquarters in Coventry.
He also agreed to continue to meet the Meggitt government’s contractual obligations with the Department of Defense.
The buyer also said he would at least maintain Meggitt’s investment in research and development in the UK, with plans to increase it by 20% over the next five years, subject to a normal activity in the area.
It comes after a period of turbulence during the pandemic, with Meggitt cutting 1,800 jobs last year in its global operations after Covid-19 hit the travel industry.
On Monday, the company also revealed that it had made a profit for the first half of 2021 as it continued its post-pandemic recovery.
Parker-Hannifin Chairman and CEO Tom Williams said, “We are committed to being a responsible steward of Meggitt and are delighted that our acquisition has the full support of the Meggitt Board of Directors.
“We fully understand these responsibilities and make a number of strong commitments that reflect them.
“During our long-standing presence in the UK, we have built a great respect for Meggitt, his heritage and his place in UK industry.”
Meggitt Chairman Sir Nigel Rudd said: “Meggitt is one of the world’s leading aerospace, defense and energy companies, a market leader with a strong portfolio of technologies and manufacturing capabilities , and owning a significant amount of intellectual property.
“While Meggitt is currently pursuing a strong, self-sustaining strategy that will deliver long-term shareholder value, Parker’s offering offers the opportunity to significantly accelerate and reduce the risk of these plans, while continuing to provide shareholders. “
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This notice was published: 2021-08-02 07:43:40