LONDON, Aug. 11 (UPI) -- The advanced composites businesses of Cobham Plc of Britain are being sold to Meggitt Plc for $200 million in cash.
The agreed upon sale, announced by Meggitt on Monday, includes businesses operating in the United States as well as in Britain and is subject to regulatory approvals.
Closing of the transaction is expected by the end of this year. The Cobham businesses will become part of Meggitt Polymers & Composites, a division of Meggitt PLC.
"The acquisition represents a major step in strengthening our composites capability," said Stephen Young, group chief executive of Meggitt. "The advanced composites businesses of Cobham plc are highly complementary to Meggitt's business model, with strong technology positions, a significant level of sole-source content and substantial growth opportunities in commercial aerospace.
"The acquisition will enhance our materials and manufacturing technologies and product offerings in complex composites, which are key to next generation aircraft components. "
Both companies are involved in the design, development and production of aerospace composite engine components, radomes and structures used in air-to-air refueling structures used in munitions components.