LONDON (dpa-AFX) - Aerospace equipment maker Meggitt Plc. (MGGT.L) announced that it has acquired Precision Engine Controls Corporation from United Technologies Corporation for a cash consideration of US$44.2 million, funded from existing resources.
The company said the purchase price equates to a multiple of about 8.5x adjusted Earnings Before Interest, Tax, Depreciation and Amortisation or EBITDA for the year ended 31 December 2014 and is expected to be immediately accretive to Underlying Earnings Per Share.
The company said that PECC's products are complementary to Meggitt's existing valve technology in the aero-derivative gas turbine market and expands its range of actuation capabilities.
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