Meggitt PLC history

During 1964, Meggitt, a Dorset-based light engineering business, was wholly acquired by Willson Lathes; subsequently, management decided to change the company's name to Meggitt Holdings.

Coates and McCorkell were joined by Sir Owen Green, whose giant BTR plc industrial conglomerate had been stuck with a 29 percent minority holding after a failed £29 million takeover bid in 1979.

During 1983, Nigel McCorkell and Ken Coates, together with 3i Group, took control of Meggitt via a management buy-in.

Meggitt bought Insley, a cutting tools distributor, for £2.5 million in stock and cash in September 1984.

Towards the end of 1985, Meggitt bought Holsworthy for £3.5 million in cash and stock.

Meggitt Holdings posted pretax profits of £16 million for the year ending December 1987.

The company spent $40 million in 1988 to buy Plastic Fabricating of Kansas and New York's Ragen Data Systems.

Meggitt did complete a smaller acquisition in November 1989.

Following the appointment of Michael Stacey as the CEO of Meggitt Holdings in 1990, the company was reorganised to focus its efforts around three core markets: aerospace, defence systems and electronics.

A rights issue in November 1991 gave the company plenty of cash for acquisitions.

In 1992, Meggitt acquired sensor specialist firm Endevco, specialists in sensors for test and measurement applications.

BTR sold its 17.2 percent stake in Meggitt in April 1993.

Sales were £345.5 million in 1994, producing profits of just £14.8 million.

The TT Group, a conglomerate also known for its acquisitive ways, bought a 4.2 percent stake in Meggitt in February 1995, raising the threat of a takeover.

Nigel McCorkell resigned as deputy chairman in January 1996, although the timing, said some, 'was not of his choosing.' By the summer, he had taken a position as chairman at newly created Cork Industries.

Pretax profits had risen 30 percent to £31.5 million in 1997 as sales rose four percent to £265 million.

Meggitt started 1998 with a $100 million order for such backup instrumentation from Boeing.

Meggitt bought Whittaker Corporation for US$380 million (£237 million) in June 1999.

In 2002, it arranged to acquire Lodge (Brothers), a British manufacturer of speed and temperature sensors for aero engines, from Smiths Aerospace.

In 2003, it acquired Caswell International, a provider of high-tech live fire training systems.

2004: Acquired the design and manufacturing division of the Dunlop Standard Aerospace Group including Dunlop Aerospace Braking Systems, Dunlop Ice Protection & Composites, Dunlop Precision Rubber, Dunlop Equipment, Serck Aviation and Stewart Warner South Wind.

During 2005, Meggitt acquired sensors and electronics specialist Sensorex; that same year, it also bought ECET, an airborne electronic equipment and ignition systems manufacturer, as well as refuelling equipment specialist Avery-Hardoll.

2006: Acquired Firearms Training Systems, a provider of simulation products for firearms training.

2007: Acquired K&F Industries, the parent company of the Aircraft Braking Systems Corporation.

2008: Acquired Ferroperm Piezoceramics A/S, a leading manufacturer of high quality piezoceramic materials for sensing products.

In 2010, the company restructured itself into five new divisions; consequently, all business units of Meggitt have operated thereafter through divisional management.

2011: Acquired Pacific Scientific Aerospace from Danaher including Securaplane Technologies Inc., OECO LLC, Artus and TFE Electronics.

During 2013, Meggitt's finance director, Stephen Young, took over as its CEO following Terry Twigger's retirement.

During 2015, the company began to build up its composites division via the acquisition of British manufacturer EDAC, as well as the advanced composites division of Cobham PLC.

In 2016, Tony Wood joined Meggitt as its CEO, becoming Chief Executive during the following year after Stephen Young's retirement.

2017: Acquired Elite Aerospace, a leader in maintenance, repair and overhaul (MRO) for commercial and military aircraft.

Tony Wood, Meggitt’s CEO since 2018, had been pursuing a very similar turnaround plan pre-pandemic after his predecessors had starved the business of investment.