August 28, 2013
Meggitt PLC (“Meggitt”), the global aerospace, defence and energy group, has signed an agreement to acquire Piezotech LLC (“Piezo”) for $41.2 million on a cash and debt free basis.The transaction strengthens two strands of Meggitt’s sensing systems business: high performance piezo-ceramic technology for extreme temperature 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’s global presence will present immediate growth opportunities to Piezo, which is US-focused. Piezo’s established presence in downhole drilling and non-destructive testing will allow Meggitt to introduce its extensive sensing and monitoring product ranges to these emerging applications.
On completion, Meggitt fully expects to maintain Piezo as a standalone operation within its sensing systems division and retain the existing management team operating from its Indiana and Colorado sites. Piezo President, Dick Barton commented: “We are very excited about the opportunity to become part of the Meggitt family and to add to its portfolio of class-leading sensing and monitoring offerings. We share the group’s commitment to engineering innovation, operational excellence and customer service. With Meggitt’s backing and access to a truly global network of sales and service channels, we are confident that we will continue to deliver strong growth and the sensing solutions our customers seek”.
Peter Huber, President, Meggitt Sensing Systems added:
“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”.
For more information, http://www.meggitt.com/?OBH=316&ID=250