Parker-Hannifin up on deal to sell its aircraft wheel, brake division

Kaman

23/05/2022 12:34

** Shares of industrial machinery maker Parker-Hannifin
 PH.N  up 4.9% at $271.4 premarket
    ** PH to sell its aircraft wheel and brake division to aero
parts maker Kaman Corp  KAMN.N  for $440 mln 
    ** The division specializes in wheels, brakes and related
hydraulic components for fixed-wing aircraft and rotorcraft
    ** Deal expected to close before year-end
    ** Citigroup acted as financial adviser to Parker, while
J.P. Morgan Securities LLC advised Kaman
    ** Up to Friday's close, PH shares had lost ~19% this year

 (Reporting by Kannaki Deka in Bengaluru)
 ((Kannaki.Deka@thomsonreuters.com))