Meggitt

Last updated

Meggitt Ltd.
FormerlyMeggitt plc
Company type Subsidiary
Industry Aerospace
Defence
Energy
Founded1947;77 years ago (1947)
Headquarters Coventry, England, UK
Key people
 Sir Nigel Rudd (Chairman) [1]
Tony Wood (CEO) [2]
RevenueDecrease2.svg £1,489.2 million (2021) [3]
Increase2.svg £63.4 million (2021) [3]
Increase2.svg £31.2 million (2021) [3]
Number of employees
9,000 (2021) [4]
Parent Parker Hannifin
Website www.meggitt.com

Parker Meggitt (legally Meggitt Ltd) is a British international company specialising in components and sub-systems for the aerospace, defence and selected energy markets. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it was acquired by Parker Hannifin in September 2022. [5]

Contents

History

Origins

The company's history spans back to multiple preceding businesses that were originally founded in both the nineteenth and twentieth centuries. Meggitt's own official history claims that the company's roots can be traced through to 1850 via the scientific instrumentation business Negretti and Zambra, which had, amongst other innovations, invented the world's first altimeter for the hot air balloon. [6]

During 1947, a new business was founded under the trading name Willson Lathes; it operated as a machine tool manufacturer based in Halifax, West Yorkshire. [6] That same year, Willson Lathes became a quoted public company. During 1964, Meggitt, a Dorset-based light engineering business, was wholly acquired by Willson Lathes; subsequently, management decided to change the company's name to Meggitt Holdings. [7]

1980–1999

During 1983, Nigel McCorkell and Ken Coates, together with 3i Group, took control of Meggitt via a management buy-in. [6] The new management team soon embarked on a series of acquisitions, aimed at increasing the business' geographical diversity to become an international engineering company; it focused on speciality sectors within fields such as aerospace, controls, electronics and energy. [6] During 1985, Meggitt Holdings acquired London-based avionics specialist Negretti and Zambra. [6] [8] In 1986, the company bought the engineering interest Bestobell, which had historically focused on aviation air ducting and sealing solutions. [9]

Following the appointment of Michael Stacey as the CEO of Meggitt Holdings in 1990, [10] the company was reorganised to focus its efforts around three core markets: aerospace, defence systems and electronics. [11] Further acquisitions were conducted during the 1990s. In 1992, Meggitt acquired sensor specialist firm Endevco, specialists in sensors for test and measurement applications. [6] During 1998, engine diagnostics specialist Vibro-Meter was also acquired to improve the company's portfolio of condition monitoring capabilities. In the following year, Californian aviation aftermarket support firm Whittaker Corporation was also acquired by Meggitt for $380m. [12] [6]

During July 1997, Meggitt received their first contract from American commercial airline manufacturer Boeing to provide solid-state clocks for the Boeing 737; separately, it was contracted to provide the secondary flight display system for the Lockheed Martin F-35 Lightning II. [13] That same year Spanish aviation company CASA appointed it to supply the air ducting system for its new C-295 utility transport aircraft. [14] In 1998, Raytheon Aircraft awarded the company a contract to supply solid state altimeters and secondary flight display systems for numerous business aircraft, including the Beech King Air, Beech 1900D, Hawker 800XP and Hawker Horizon, in its lineup. [15] Later that year, Boeing announced that Meggitt would be its sole supplier of solid-state electronic standby instrumentation for all of its airlines. [16]

2000–2009

During 2001, a new CEO, Terry Twigger, took over at Meggitt. The company continued to expand through numerous acquisitions throughout the 2000s. In 2002, it arranged to acquire Lodge (Brothers), a British manufacturer of speed and temperature sensors for aero engines, from Smiths Aerospace. [17] During the following year, Meggitt bought Western Design, which manufactured automated ammunition-handling apparatus and environmental control systems. In 2003, it acquired Caswell International, a provider of high-tech live fire training systems. [6] During 2004, the company, in cooperation with The Carlyle Group, bought the Dunlop Standard Aerospace Group's design and manufacturing divisions; the deal included Dunlop Aerospace Braking Systems, Dunlop Ice Protection & Composites, Dunlop Precision Rubber; Dunlop Equipment, Serck Aviation, and Stewart Warner South Wind. [18] [19] This rapid acquisition rate led to Meggitt's high increases in annual revenue around this period. [20]

During 2005, Meggitt acquired sensors and electronics specialist Sensorex; that same year, it also bought ECET, an airborne electronic equipment and ignition systems manufacturer, as well as refuelling equipment specialist Avery-Hardoll. [6] In 2006, the company purchased both simulation provider Firearms Training Systems and compressor producer Airdynamics. By this point, the North American market comprised around 50 per cent of the firm's revenue stream. [21] A year later, Meggitt acquired K&F Industries, the parent company of the Aircraft Braking Systems Corporation. [22] During 2008, it bought Ferroperm Piezoceramics A/S, which manufactured high quality piezoceramic materials for sensors. [6]

The company launched several products throughout the decade, such as the Meggitt Avionics new Generation Integrated Cockpit (MAGIC) for business aircraft, [23] [24] bleed air leak detection (BALD) system, [25] and its Electro-Thermal-based Ice Protection (ETIP) system, often choosing to promote its latest entries at the biennial Farnborough Air Show. [26] Meggitt has been a long time supplier of Brazilian aircraft manufacturer Embraer; in 2018, it was announced that the company had been selected to provide various systems, including the pneumatic bleed air system, brake control system, and carbon brake units, of the firm's Legacy 450/500 business jet. [27] Meggitt's vibration monitoring system was also integrated into multiple platforms, including the CFM International CFM56, General Electric GEnx, Rolls-Royce Trent and PowerJet SaM146 turbofan engines, amongst others. [28] [29]

2010–2020

Meggitt facility at Miami, Florida, United States Meggitt Miami.jpg
Meggitt facility at Miami, Florida, United States

In 2010, the company restructured itself into five new divisions; consequently, all business units of Meggitt have operated thereafter through divisional management. [6]

In 2011, Meggitt acquired the Pacific Scientific Aerospace Group, a component supplier of both civilian and military aerospace sectors; [30] this acquisition included Securaplane Technologies Inc., an aerospace camera and battery supplier involved in producing GS Yuasa's batteries for the Boeing 787 Dreamliner fleet, which was grounded in January 2013 due to multiple onboard battery fires. [31] Subsequent investigation found that the charger was not at fault for the battery defects, clearing Meggitt products of culpability for the fires. [32] [33]

During 2013, Meggitt's finance director, Stephen Young, took over as its CEO following Terry Twigger's retirement. [34] In 2016, Tony Wood joined Meggitt as its CEO, becoming Chief Executive during the following year after Stephen Young's retirement. [35]

During 2015, the company began to build up its composites division via the acquisition of British manufacturer EDAC, as well as the advanced composites division of Cobham PLC. [36] [6]

In 2018, Meggitt announced plans to relocate its UK headquarters from Bournemouth Airport to a purpose-built facility in Ansty, Warwickshire. [37]

In 2021, Parker Hannifin made an offer for the company, valuing it at £6.3 billion. [38] The transaction was approved by the UK Court on 9 September 2022, and the acquisition completed on 13 September. [39] [40]

Products

Products include a series of target drones, the Meggitt Banshee, [41] sold to QinetiQ in 2016 for £57.5 million. [42]

See also

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References

  1. ↑ "Meggitt chairman Rudd to stay on during crisis". Sharecast. 25 March 2020. Retrieved 2 August 2021.
  2. ↑ "Dumped Rolls Royce high-flier finds new posting in Meggitt's top job". standard.co.uk. 14 November 2017. Retrieved 16 April 2018.
  3. 1 2 3 "Annual Results 2021" (PDF). Meggitt. Retrieved 3 March 2022.
  4. ↑ "Americans vie for UK's Meggitt as TransDigm makes $9.7 bln overture". Reuters. 11 August 2021. Retrieved 15 February 2022.
  5. ↑ "Meggitt (UK): Constituent Deletion - Update: Changes in FTSE UK Index Series". 8 September 2022. Retrieved 12 September 2022.
  6. 1 2 3 4 5 6 7 8 9 10 11 12 "Company History". Meggitt. Retrieved 16 January 2020.
  7. ↑ "Wilson Lathes". Grace's Guide. Retrieved 7 January 2020.
  8. ↑ Lea, Robert (4 June 2018). "Meggitt reaches for the sky from its new base". The Times. Retrieved 7 January 2020.
  9. ↑ Foster, Geoffrey (1 June 1992). "UK: A small spanner in the works – city's view of Meggitt is not so optimistic". Management Today. Retrieved 7 January 2020.
  10. ↑ Horsfield, Michaela (17 February 2017). "Obituary: Former businessman Michael Stacey". Bournemouth Echo. Retrieved 7 January 2020.
  11. ↑ Bence, Douglas (5 July 2004). "Meggitt seals important deal with Dunlop Standard". CityWire. Retrieved 7 January 2020.
  12. ↑ "Meggitt acquires Whittaker for $380m". Flight International. 23 April 1999.
  13. ↑ "Meggitt clocks on". Flight International. 23 July 1997.
  14. ↑ "CASA selects Meggitt". Flight International. 2 July 1997.
  15. ↑ "Second win for Meggitt". Flight International. 1 April 1998.
  16. ↑ Sheppard, Ian (14 January 1998). "Boeing picks Meggitt as sole supplier of standby displays". Flight International.
  17. ↑ "Meggitt PLC acquires Lodge from Smiths Group PLC". Aviation Week. 11 November 2002. Retrieved 7 January 2020.
  18. ↑ Massy-Bereford, Helen (8 March 2005). "Meggitt seeking deals". Flight International.
  19. ↑ Daly, Keiran (13 July 2004). "Meggitt and Carlyle carve up Dunlop Standard Aerospace". Flight International.
  20. ↑ "Acquisitions bring big leap in Meggitt turnover". Flight International. 13 September 2005.
  21. ↑ "Meggitt moves". Flight International. 11 November 2003.
  22. ↑ "Low-profile Meggitt gets the balance right". Flight International. 19 June 2007.
  23. ↑ "Meggitt poised". Flight International. 28 July 2000.
  24. ↑ "Meggitt and Honeywell in retrofit tie-up". Flight International. 21 September 2001.
  25. ↑ "Meggitt aims to sniff out bleed air leaks". Flight International. 3 June 2003.
  26. ↑ "FARNBOROUGH 2008: Meggitt launches safer, cleaner de-icing system". Flight International. 15 July 2008.
  27. ↑ Ranson, Lori (7 October 2008). "Meggitt wins Embraer contract". Flight International.
  28. ↑ "Farnborough: Meggitt teams to develop vibration monitoring system". Flight International. 25 July 2006.
  29. ↑ "Meggitt vibration-monitoring technology gathers more sales". Flight International. 8 March 2005.
  30. ↑ "Meggitt buys Danaher unit for $685 million". Marketwatch. 18 January 2011. Retrieved 17 January 2020.
  31. ↑ "Meggitt subsidiary supplied battery charger unit to Boeing's Dreamliners". Moneyweek. 21 January 2013. Retrieved 17 January 2020.
  32. ↑ Brewin, Bob (22 January 2013). "A 2006 battery fire destroyed Boeing 787 supplier's facility". NextGov. Retrieved 7 January 2020.
  33. ↑ Ruddick, Graham (5 March 2013). "Meggitt says Dreamliner battery charger given all-clear after tests" . Retrieved 7 January 2020.
  34. ↑ "Meggitt finance head to replace retiring CEO Twigger". Reuters. 9 January 2013. Archived from the original on 9 December 2019. Retrieved 7 January 2020.
  35. ↑ Bow, Michael (14 November 2017). "Dumped Rolls Royce high-flier finds new posting in Meggitt's top job". Evening Standard. Retrieved 7 January 2020.
  36. ↑ Chuter, Andrew (22 September 2015). "Meggitt acquires composite arm of EDAC". Defense News. Retrieved 7 January 2020.
  37. ↑ Mullen, Enda (13 July 2018). "Work starts on Meggitt super site which will employ 1,000 people". Coventry Telegraph. Retrieved 7 January 2020.
  38. ↑ "Meggitt takeover by Parker-Hannifin receives conditional EU approval". Morning Star. 11 April 2022. Retrieved 12 April 2022.
  39. ↑ "Meggitt takeover by Parker-Hannifin approved by UK court". Morning Star. 9 September 2022. Retrieved 12 September 2022.
  40. ↑ Suttell, Scott (13 September 2022). "Parker Hannifin closes acquisition of U.K. aerospace and defense firm Meggitt". Crain Communications. Archived from the original on 14 September 2022.
  41. ↑ "New UK target RPV". flightglobal.com.
  42. ↑ "Banshee Whirlwind Aerial Target". AirforceTechnology. 14 April 2020. Retrieved 9 April 2024.
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