Bid target Meggitt PLC (LSE:MGGT) said it is to sell its Danish ceramics business for £59mln in cash as part of its strategy to focus on core markets.
The aerospace and defence engineering group will sell Meggitt A/S, which manufactures piezoelectric ceramic components for medical and industrial applications, to CTS Ceramics Denmark.
The deal, which follows a number of disposals over the last four years, is subject to regulatory approval and net debt and working capital adjustments.
The cash raised will pay down debt and general company purposes.
Meggitt A/S had gross assets of £23mln as of December 31, 2021 and pre-tax profits of £2.9mln in the 2021 financial year.
This week, the European Commission approved Parker-Hannifin Corporation (NYSE:PH) (Parker-Hannifin Corporation (NYSE:PH))'s acquisition of Meggitt PLC (LSE:MGGT) for £6.3bn.