Meggitt ties up $200m deal with Cobham

DEFENCE firm Meggitt announced yesterday it was buying composites business worth $200m (£128m) from Cobham .

Cobham’s sale of its advanced composites businesses follows its sales of Weinschel and Inmet to API technologies for $80m in June as part of an ongoing move to streamline its business.

Meggitt is funding the purchase of the components using existing resources.

The company’s chief executive, Stephen Young, said the acquisition was a “major step” in strengthening Meggitt’s composites capability.

“The advanced composites businesses of Cobham 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,” he added.

Cobham said the disposal was consistent with its strategy of simplifying its portfolio by “focusing on segments where it has scale and market-leading positions”.