Meggitt completes acquisition of EDAC composites division

21st Dec 2015 08:30

(ShareCast News) - Meggitt has completed the $340m (£228m) acquisition of the composites division of EDAC after receiving the customary US regulatory approvals.The aerospace and engineering group said the acquired businesses will be integrated into its polymers and composites division.Chief executive Stephen Young said: "This acquisition, in tandem with the recently completed acquisition of the composites businesses of Cobham, substantially enhances our composites capability. We are now very well positioned to meet a growing demand for high performance, lightweight materials that will be a pervasive feature of next generation aircraft."The group extends a warm welcome to our new employees and looks forward to our continuing success together."At 0833 GMT, Meggitt shares were up 0.8% to 364.90p.