August 28, 2013—Meggitt PLC (“Meggitt”), the global aerospace, defence and energy group, has signed an agreement to acquire Piezotech LLC (“Piezo”) for $41.2 million on a cash and debt free basis.
The transaction strengthens two strands of Meggitt’s sensing systems business: high performance piezo-ceramic technology for extreme temperature gas turbine sensors; and its position in emerging energy and medical markets – in particular, downhole drilling and medical applications such as ultrasound and air in line sensors.
Meggitt’s global presence will present immediate growth opportunities to Piezo, which is US-focused. Piezo’s established presence in downhole drilling and non-destructive testing will allow Meggitt to introduce its extensive sensing and monitoring product ranges to these emerging applications.
On completion, Meggitt fully expects to maintain Piezo as a standalone operation within its sensing systems division and retain the existing management team operating from its Indiana and Colorado sites. Piezo President, Dick Barton commented: “We are very excited about the opportunity to become part of the Meggitt family and to add to its portfolio of class-leading sensing and monitoring offerings. We share the group’s commitment to engineering innovation, operational excellence and customer service. With Meggitt’s backing and access to a truly global network of sales and service channels, we are confident that we will continue to deliver strong growth and the sensing solutions our customers seek”.
Peter Huber, President, Meggitt Sensing Systems added:
“We have been a customer of Piezo’s ceramic formulations for many years and look forward to working with them to nurture this capability to offer our customers ever more rugged and reliable products. Piezo has been successful working closely with its customers to create bespoke sensing solutions for our growth markets, particularly energy and medical sensing, so it is a great fit within Meggitt Sensing Systems. Piezo truly embodies our Meggitt strapline: smart engineering for extreme environments”.
For further information please contact:
Richard Cashin, Investor Relations Tel: 01202 597597
Fiona Greig, Corporate Communications
Charles Ryland, Jeremy Garcia and Helen Greenwood Tel: 0207 466 5000
Founded in 1967 as an advanced ceramic devices producer, Piezo has evolved to become a leading manufacturer of piezoelectric devices and specialty transducers. Headquartered in Indianapolis, Indiana, with product development located in Broomfield, Colorado, Piezo supplies custom engineered products into large and growing end markets including oil and gas, medical ultrasound, non-destructive testing and fire and safety sectors.
St Charles Capital LLC acted as exclusive financial advisor to PiezoTech in this transaction.
Meggitt Sensing Systems
Meggitt Sensing Systems is the world’s leading provider of high performance sensing and condition monitoring solutions for extreme environments
Meggitt Sensing Systems, a Meggitt group division, has operated through its antecedents since 1927 under the names of ECET, Endevco, Ferroperm Piezoceramics, Lodge Ignition, Sensorex, Vibro-Meter and Wilcoxon Research.
Today these operations are integrated within the Meggitt Sensing Systems division, providing complete systems with these renowned product brands from a single supply base.
Meggitt PLC Headquartered in the United Kingdom, Meggitt PLC is an international group operating in North and South America, Europe and Asia. Known for its specialised extreme environment engineering, Meggitt is a world leader in aerospace, energy and defence. Meggitt employs nearly 11,000 people at around 40 manufacturing facilities and regional offices worldwide. www.meggitt.com