Dunlop Aerospace being bought by Dorset firm.
DUNLOP AEROSPACE in Coventry is being taken over by another UK company in a deal reported to be worth pounds 408 million.
Aerospace and defence company Meggitt, based in Dorset, is expected to finalise the buyout deal for Dunlop next month subject to shareholder agreement.
The Coventry design and manufacturing complex at Holbrooks employs around 800 people and its new owners are looking forward to expanding the business which is a major supplier of wheels, brakes and hydraulics for the world- wide aircraft industry.
The Coventry division comprises four business units: braking systems, polymers and composites, fluid dynamics fluid dynamics
n. (used with a sing. verb)
The branch of applied science that is concerned with the movement of gases and liquids. and aftermarket services.
Dunlop Aerospace has recently experienced a surge in activity with key contracts for component supplies for the Joint Strike Fighter A strike fighter is a fighter aircraft which is also capable of attacking surface targets, including ships. It differs from an attack aircraft in that the aircraft remains a capable fighter. and Airbus A380. Last year it made operating profits of pounds 35.1 million.
Terry Twigger, Meggitt chief executive officer, said: "We believe that Meggitt can provide these businesses with the leadership and critical mass to make them even more successful than they are today.
"The combined businesses will be able to explore new markets and technologies in their pursuit of strategic growth. There will be ongoing support for key technologies such as electric brakes and lightweight metal matrix materials which will deliver significant benefits to the aerospace industry."
David Shaw David Shaw is the name of:
Meggitt says the Coventry operation will continue under the leadership of David Johnson, managing director, and will integrate under the corporate guidance of Meggitt, as it continues its long-term growth programmes.