Aerospace supplier offloads US subsidiary in £118m deal
Meggitt, the Ansty company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, has sold its US subsidiary, Meggitt Training Systems to Pine Island Capital Partners, a US private investment firm, in a £118m deal.
The firm says the deal is “consistent with [its] strategy to focus on businesses of scale in markets where its leading positions offer greater potential for growth and operational efficiencies”.
Meggitt Training Systems develops advanced technology-enabled training systems. During the year to 31 December 2019, Meggitt Training Systems generated £104m revenue, had gross assets of £149m with and made a profit of £11.2m.