Meggitt to acquire US-based ceramic devices producer

28th Aug 2013 07:02

Meggitt, the FTSE 100 aerospace, defence and energy group, has unveiled plans to acquire Piezotech, a US ceramic devices producer. The $41.2m purchase was being made to stengthen Meggitt's sensing systems business, specifically its high performance piezo-ceramic technology for extreme temperature gas turbine sensors, as well as its downhole drilling and medical applications. Once completed, it was expected Piezo would be maintained as a standalone operation. Peter Huber, President, 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".The group added that it believes its global presence would present immediate growth opportunities to Piezo, while the latter's established presence in downhole drilling and non-destructive testing would allow Meggitt to introduce its extensive sensing and monitoring product ranges to these emerging applications. NR