Meggitt, the UK engineering group, has announced it is to buy US-based Pacific Scientific Aerospace (PSA) in a deal worth $685 million (£428 million).
Dorset-based Meggitt, which makes engine-monitoring systems for Airbus and Boeing planes, said the acquisition would add fire and smoke suppression to its existing product portfolio, creating an integrated fire and smoke detection and suppression capability increasingly being demanded by its customers.
PSA makes generators, electric motors and other safety equipment for aircraft, including smoke detectors, emergency battery systems and seat belts.Serving customers from locations across North America, Europe and Asia, PSA's six divisions employ approximately 2,100 members of staff.
PSA's expertise in generators, electric motors, electric controllers and electric actuators would also enhance Meggitt's ability to provide electric systems as aircraft increasingly shift towards electric power, Meggitt said.
The company also said the acquisition would also strengthen its portfolio of sensors and anti-icing products.
As a result of the acquisition, Meggitt’s customers are expected to benefit from increased service levels, greater procurement scope, wider product range, enhanced global coverage and larger engineering resources.
Commenting, Terry Twigger, chief executive of Meggitt, said: "We are delighted to announce the acquisition of PSA today as it represents a further major step in the strategic growth and development of the Meggitt Group and fits well into Meggitt's business model, with strong technology positions, a significant level of sole source content and aftermarket sales representing over one-third of PSA's total revenues.”
He added: “We look forward to welcoming PSA employees into our organisation, which will provide a focused aerospace and defence growth platform for PSA."
The acquisition will be Meggitt’s largest since 2007, when it paid $1.8 billion for K&F Industries, the US manufacturer of wheels and brakes for aircraft.
