A Wimborne company known around the globe for its air-to-air refuelling is set to get its second owner in less than two years.

Just 14 months after the government controversially gave the green light for US private equity firm Advent International to acquire Cobham plc for £4bn, agreement has been reached to sell its Cobham Mission Systems (CMS) division which includes air refuelling.

The buyer is Eaton Corporation, the American Irish-domiciled multinational power management company, which is to pay $2.83bn (£2.06bn).

The acquisition is expected to complete in the second half of 2021.

Announcing the deal, Heath Monesmith, pictured left, President and Chief Operating Officer, Industrial Sector, Eaton, said: “Cobham Mission Systems’ highly complementary products and strong position on growing defence platforms will enhance our fuel systems business and position our aerospace business for future growth.

“We look forward to welcoming CMS to Eaton.”

Eaton, which was founded by Joseph Eaton in 1911, has 92,000 employees and trades in more than 175 countries.

Its energy-efficient products and services help customers effectively manage electrical, hydraulic and mechanical power.

2019 revenues were $21.4bn.

Other aerospace companies owned by Eaton are Aeroquip, Argo-Tech, Carter. Centurion and Vickers.

Cobham was originally founded by Sir Alan Cobham as Flight Refuelling Limited in 1934.

It was renamed Cobham plc in 1994.

The decision to let the Dorset-based company fall into the hands of Advent International in 2019 came under strong attack from some small shareholders and also Cobham’s founder family.

Lady Cobham, the widow of former chief executive Sir Michael Cobham, son of founder Sir Alan Cobham, was a particularly vociferous critic, raising concerns over national security.

Former Cobham Chief Executive and Chairman, Gordon Page, who retired from the company in 2008, also voiced his opposition saying private equity was not a suitable owner for one of the UK’s biggest defence firms.

Following the government’s approval of the takeover, Lady Cobham described the decision as “deeply disappointing” and criticised the timing.

She added: “In Cobham we stand to lose yet another great British defence manufacturer to foreign ownership.”

Among the post-offer undertakings provided to the Takeover Panel, the parties involved agreed to:

• maintain Cobham’s headquarters in the UK for each of its Communications & Connectivity, Aviation Services UK and Mission Systems UK businesses.
• continue the use of Cobham as a registered name in the UK.
• ringfence the level of research and development spend in the UK.

They also made a further legally binding commitment to the Business Secretary to significantly protect jobs.

The commitment was made through a deed, published alongside the December 2019 announcement.

At the time, Cobham employed around 10,000 people across five continents with about 1,000 jobs in Dorset.

Cobham Aviation Services was bought by Draken International last September and has now been rebranded Draken Europe.

Two months later TransDigm Group Inc., a manufacturer of aerospace parts, announced it was buying Cobham Aero Connectivity for $965 million.