Meggitt to acquire Piezotech for £26.5m

FTSE 100-listed aerospace, defence and energy firm Meggitt has signed an agreement to acquire Piezotech for $41.2m (£26.5m) (release).

Piezo specialises in the production and development of piezoelectric and electroactive fluorinated-based polymers, which will help Meggitt improve its gas turbine sensors and its position in emerging energy and medical markets – in particular, downhole drilling and medical applications such as ultrasound and air in line sensors.

Meggitt expects to maintain Piezo as a standalone operation within its sensing systems division, and to retain the existing management team.

Peter Huber, president of Meggitt Sensing Systems, said:

We have been a customer of Piezo's ceramic formulations for many years and look forward to working with them to nurture this capability to offer our customers ever more rugged and reliable products. Piezo has been successful working closely with its customers to create bespoke sensing solutions for our growth markets, particularly energy and medical sensing, so it is a great fit within Meggitt Sensing Systems. Piezo truly embodies our Meggitt strapline: smart engineering for extreme environments.