Notice

Proposed acquisition of Meggitt plc by Parker-Hannifin: deed of covenant

Notice relating to the proposed acquisition of Meggitt plc by Parker-Hannifin.

• From: Cabinet Office and Department for Business, Energy & Industrial Strategy
• Published: 19 July 2022

Documents

Proposed acquisition of Meggitt plc by Parker-Hannifin: deed of covenant and undertaking

PDF, 435 KB, 14 pages

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Details

Separate to the public interest intervention and the undertakings offered to mitigate national security and competition concerns, the government has accepted legally binding economic commitments offered by Parker-Hannifin to protect the future of Meggitt plc in the UK. These economic commitments will secure the future of Meggitt and the important role it plays in the UK’s world-leading defence sector.

• Parker-Hannifin will continue to use the Meggitt name in combination with its own and will retain Ansty Park as its UK headquarters and its centre of excellence for aerospace and advanced materials;

• it will maintain all four current divisions of Meggitt within the UK for the first year;
• it will maintain a number of areas of operational capability within the UK;
• it will increase R&D activity including undertaking research and technology projects relating to sustainable aviation and net zero;
• it will ensure that its contractual obligations in respect of goods and services with the Government continue to be met;
• it will commit to maintaining its sustainability targets;
• it will ensure that the number of technical jobs is maintained above an agreed amount and increase the number of apprenticeships by 20 percent.

Published 19 July 2022