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August 2 , 2021 Parker Parker Announces Recommended All Cash Acquisition of Meggitt PLC • Meggitt is a global leader in aerospace and defense motion and control technologies • Nearly doubles Aerospace Systems Segment with complementary technologies • Combination is well aligned strategically and culturally with The Win Strategy ™ CLEVELAND , Aug. 02 , 2021 ( GLOBE NEWSWIRE ) -- Parker Hannifin Corporation ( NYSE : PH ) , the global leader in motion and control technologies , today announced that it has reached an agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Meggitt ( the " Acquisition " ) , a global leader in aerospace and defense motion and control technologies . The announcement has been issued jointly by Parker and Meggitt plc through the UK's Regulatory News Service ( RNS ) under Rule 2.7 of the UK Takeover Code . The Acquisition remains subject to satisfaction of the conditions set out in the announcement , including regulatory clearances and approval by Meggitt's shareholders . For the full announcement , a copy of this press release and further information , please visit the dedicated transaction microsite www.aerospacegrowth.com . Meggitt , headquartered in Coventry , the UK , had annual revenue of approximately $ 2.3 billion in 2020 and employs more than 9,000 team members serving customers around the world . Meggitt has diverse aerospace and defense exposure with technology and products on almost every major aircraft platform . Meggitt is listed on the London Stock Exchange and is a constituent of the FTSE 250 index . " The combination of Parker and Meggitt is an exciting opportunity for both companies ' team members , customers , shareholders and communities , " said Tom Williams , Chairman and Chief Executive Officer . " We strongly believe Parker is the right home for Meggitt . Together , we can better serve our customers through innovation , accelerated R & D and a complementary portfolio of aerospace and defense technologies . " We are committed to being a responsible steward of Meggitt and are pleased our acquisition has the full support of Meggitt's Board . We fully understand these responsibilities and are making a number of strong commitments that reflect them . During our longstanding presence in the UK we have built great respect for Meggitt , its heritage , and its place in British industry . Our own journey over more than 100 years has taught us the importance of a strong culture and reputation . " NOTICE OF CONFERENCE CALL : Parker's investor conference call and slide presentation on the recommended offer are available to all interested parties via live webcast today at 8:30 a.m. ET / 1:30 p.m. BST , at www.aerospacegrowth.com . A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain