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Meggitt

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Meggitt PLC
Company typePublic limited company
LSE: MGGT
IndustryAerospace
Defence
Founded1947; 77 years ago (1947)
HeadquartersBournemouth Airport, Dorset, United Kingdom
Key people
Sir Colin Terry (Chairman)
Stephen Young (CEO)
Revenue£1,647.2 million (2015)[1]
£236.6 million (2015)[1]
£182.1 million (2015)[1]
Websitewww.meggitt.com

Meggitt PLC is a British engineering business specialising in aerospace equipment. It has its headquarters at Bournemouth Airport in Dorset. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

The Company was established in the 1940s as a machine tool business based in Halifax known as Willson Lathes. It went public in 1947 and in 1964 acquired an engineering business in Dorset known as Meggitt. The Company subsequently changed its name from Willson Lathes to Meggitt Holdings. In 1983 it was acquired by Nigel McCorkell and Ken Coates together with 3i Group in a management buy-in. In 1986 it bought Bestobell, another large engineering business.[2]

In 2004 it acquired the design and manufacturing division of the Dunlop Standard Aerospace Group for circa £700 million.[3] In 2007 Meggitt acquired K&F Industries, the parent company of the Aircraft Braking Systems Corporation, for circa £930 million.[4] In 2010, Meggitt acquired Pacific Scientific Aerospace from Danaher.[5]

Meggitt owns Securaplane, maker of the battery charger for the GS Yuasa lithium cobalt oxide (LiCo) batteries for the Boeing 787 Dreamliner fleet grounded in January 2013. The investigation found that the Securaplane battery charger was not at fault for any defective batteries, and Meggitt was given the "all clear".[6][7]

In 2013, Meggit also bought the company, PiezoTech LLC. PiezoTech is a company specializing in piezo ceramics and ultrasounds.[8]

In May 2013 Stephen Young, the company's Chief Financial Officer succeeded CEO Terry Twigger, who retired that month.[9]

In 2014, it carried out an acquisition of the composites division of EDAC, worth roughly £228.3 million.[10]

Operations

The Group is organised as follows:[11]

See also

Meggitt facility at Ashby Road in Loughborough

References

  1. ^ a b c "Annual Report 2015" (PDF). Meggitt. Retrieved 10 April 2016.
  2. ^ Bedwell, Tommy A Brief History Of Bestobell, Bestobell Founders Welfare Trust (2008)
  3. ^ Meggitt and Carlyle carve up Dunlop Standard Aerospace Flight Global, 13 Jul 2004
  4. ^ Meggitt to buy K&F Industries Reuters, 6 March 2007
  5. ^ Meggitt Agrees to Buy Danaher's Pacific Scientific Unit for $685 Million Bloomberg, 18 January 2011
  6. ^ Brewin, Bob (January 22, 2013). "A 2006 Battery fire destroyed Boeing 787 supplier's facility". NextGov. Retrieved January 23, 2013.
  7. ^ "Meggitt says Dreamliner battery charger given all-clear after tests". The Telegraph. 5 March 2013. Retrieved 13 March 2014.
  8. ^ "Meggitt buys Piezotech for $41.2 million". Reuters. 28 August 2013. Retrieved 20 March 2015.
  9. ^ "Meggitt CEO Terry Twigger announces retirement". Retrieved 13 March 2014.
  10. ^ Farrell, Stephen. "Meggitt completes $340m acquisition", Insider Media Ltd., 22 December 2015. Accessed 4 January 2016.
  11. ^ Meggitt: Operating Companies
External videos
video icon Fly-through Animation of Pacific Scientific Furnace, HAER August 14, 2013
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