Meggitt

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]

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.

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

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

type	Subsidiary
parent	Parker Hannifin
former name	Meggitt plc
foundation	1947
location	Coventry, England, UK
key people	Sir Nigel Rudd (Chairman)‡R1R‡ Tony Wood (CEO)‡R2R‡
homepage	https://www.meggitt.com
industry	Aerospace Defence Energy
revenue	£1,489.2 million (2021)‡R3R‡
operating income	£63.4 million (2021)‡R3R‡
net income	£31.2 million (2021)‡R3R‡
num employees	9,000 (2021)‡R4R‡

History

Origins

1980–1999

2000–2009

2010–2020

Products

See also

External links

References