Meggitt-USA acquires K&F Industries

By Lisa Kerner

Charlotte, N.C., June 22 - Meggitt-USA, Inc. a wholly owned U.S. subsidiary of Meggitt plc, completed the $1.8 billion acquisition of K&F Industries Holdings, Inc. first announced on March 6.

Under the agreement, Meggitt-USA will also assume $700 million of K&F's debt.

K&F stockholders will receive $27 per share in cash. The company's stock ceased trading at the close of business on Friday.

"Our merger with Meggitt is a great opportunity for our stockholders, our employees and the future of K&F," K&F president and chief executive officer Kenneth M. Schwartz said in a company news release.

"As a wholly owned subsidiary of Meggitt, K&F is now a critical component of an exceptionally strong global competitor in the aerospace and defense industry, and we look forward to making a significant contribution to the growth of the combined organization," Schwartz added.

Goldman, Sachs & Co. advised K&F, while NM Rothschild & Sons advised Meggitt. Merrill Lynch International acted as broker.

K&F is based in White Plains, N.Y., and manufactures braking equipment for commercial transport, general aviation and military aircraft through its Aircraft Braking Systems Corp. subsidiary.

Christchurch, England-based Meggitt specializes in aerospace equipment, sensing and defense systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.