Parker-Hannifin Corporation PH has completed its previously announced divestiture of the Aircraft Wheel and Brake Division to Kaman Corporation KAMN. The deal was valued at $440 million.
Based in Bloomfield, CT, Kaman is engaged in offering components and materials to the industrial, medical, aerospace and defense markets.
Some of the products manufactured by Kaman are spring energized seals, springs and contacts, miniature ball bearings and others.
ParkerHannifin Corporation Price
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Parker-Hannifin’s Aircraft Wheel and Brake Division, located in Avon, OH, engages in producing wheels, brake systems and related hydraulic products for aircraft. Its products are used in business aviation, general aviation, rotorcraft and military aircraft end markets. The segment generates annual sales of approximately $70 million.
The divestiture is in sync with PH’s strategy of restructuring its business portfolio and concentrating more on core businesses. The transaction is also in compliance with the condition of the European Commission to clear the Meggitt acquisition, provided Parker-Hannifin keeps up with its commitment to divesting the Aircraft Wheel and Brake Division. PH recently completed the £6.3 billion acquisition of Meggitt, expanding its presence in the United Kingdom.
While Parker-Hannifin currently carries a Zacks Rank #3 (Hold), Kaman presently holds a Zacks Rank #4 (Sell).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Lindsay Corporation LNN currently carries a Zacks Rank #2 (Buy). LNN pulled off a trailing four-quarter earnings surprise of 25.6%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks.
Lindsay has an estimated earnings growth rate of 45% for the current year. Shares of the company have rallied 27.2% in the past three months.
Valmont Industries VMI presently carries a Zacks Rank #2. VMI pulled off a trailing four-quarter earnings surprise of 13.7%, on average.
Valmont Industries has an estimated earnings growth rate of 26.9% for the current year. Shares of the company have jumped 22.8% in the past three months.
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Valmont Industries, Inc. (VMI) : Free Stock Analysis Report
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Kaman Corporation (KAMN) : Free Stock Analysis Report
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