Meggitt targets expansion with $44m purchase

first_imgTuesday 6 January 2015 8:29 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap ENGINEERING firm Meggitt yesterday bought Precision Engine Controls Corporation (Pecc) from United Tech­no­logies Corporation for $44.2m (£29.1m).The deal, funded from existing resources, will see San Diego-based Pecc integrate into Meggitt’s control systems division.Pecc supplies actuation, or motor, systems and fuel metering valves to manufacturers of small-frame gas turbines used predominantly in the oil and gas and power generation industries.According to Bournemouth-based Meggitt, Pecc’s products are complementary to its existing technology and will help to expand the firm’s capabilities. The company also stated that Pecc’s “substantial level of intellectual property and sole-source market positions” fit with Meggitt’s strategy of investing in components and systems for use in extreme environments in its core aerospace, defence and energy markets.Stephen Young, the chief executive of Meggitt, said: “The acquisition of Pecc is a key step in broadening our industrial valve capability. The very strong product and customer portfolio and the exceptional calibre of the employee base make the business a great fit with Meggitt.”Following the announcement, the company’s shares closed down 0.88 per cent at 509p. Show Comments ▼ Tags: NULL whatsapp Meggitt targets expansion with $44m purchase Express KCS whatsapp Sharelast_img read more

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