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8-K - FORM 8-K - GOODRICH CORP | c15007e8vk.htm |
EX-2.1 - EXHIBIT 2.1 - GOODRICH CORP | c15007exv2w1.htm |
Exhibit 99.1
News Release | ||||
Media Contact: |
||||
Lisa Bottle
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+1 704 423 7060 | Goodrich Corporation | ||
Four Coliseum Centre | ||||
Andrew Martin
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+1 704 423 7048 | 2730 West Tyvola Road | ||
Charlotte, NC 28217-4578 | ||||
Investor Relations:
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USA | |||
Paul Gifford
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+1 704 423 5517 | www.goodrich.com |
For Immediate Release
Goodrich Corporation Signs Agreement to Acquire Microtecnica
| Acquisition complements existing flight control actuation business and strengthens Goodrichs position in the helicopter market |
CHARLOTTE, NC, APRIL 1, 2011 Goodrich Corporation (NYSE:GR) has signed an agreement with SSCP
Aero Holdings S.C.A., a company backed by the European private equity firm Stirling Square Capital
Partners, to acquire Microtecnica S.r.l. Microtecnica is a leading provider of flight control
actuation systems for helicopter, regional and business aircraft, missile actuation, and aircraft
thermal and environmental control systems. The transaction is expected to close during the second
quarter of 2011, subject to customary government approvals. Sales for the full year 2011 for the
business are expected to be approximately $220 million, and are expected to grow significantly over
the next several years. Total cash consideration for the acquisition is approximately 330 million
Euros ($462 million at an exchange rate of 1.40), reflecting a multiple of approximately 11.5 times
2011 estimated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).
The acquisition is expected to be slightly accretive to earnings in 2011, including the impact of
purchase accounting adjustments, and solidly accretive thereafter.
Marshall Larsen, Goodrich chairman, president and chief executive officer said, This acquisition
supports our business model and fits with our strategy by increasing Goodrichs exposure to three
growth markets; commercial and military helicopters, commercial regional, business and general
aviation aircraft and missile actuation. Microtecnicas manufacturing capacity and engineering
resources are an excellent complement to Goodrichs flight control actuation business as well as
providing support to the environmental and thermal controls market as a capable supplier of
components and sub-systems.
Microtecnica employs approximately 700 people at facilities located in Turin, Luserna San Giovanni
and Brugherio, Italy and Bristol, UK. The company has significant sales to both the commercial
aerospace and defense and space markets, with approximately 60 percent of sales derived from
original equipment and 40 percent from the aftermarket. With approximately 25 percent of sales in
the commercial and military helicopter markets, this acquisition will add new
content and strengthen Goodrichs position in this key high-growth market. Major customers include
AgustaWestland, Alenia, Hamilton Sundstrand, Avio, Bombardier and Eurocopter. Microtecnica will
become part of Goodrichs Actuation Systems business, within its Actuation and Landing Systems
segment. For more information, visit www.microtecnica.net.
Alan Bean, chief executive officer of Microtecnica said, Microtecnicas expertise in flight
controls and environmental and thermal control systems will be an excellent complement to
Goodrichs leadership position in aerospace and defense. We are looking forward to combining our
capabilities to better serve our customers.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to
aerospace, defense and homeland security markets. With one of the most strategically diversified
portfolios of products in the industry, Goodrich serves a global customer base with significant
worldwide manufacturing and service facilities. For more information visit
http://www.goodrich.com.
Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries,
one or more of which may be referred to as Goodrich Corporation in this press release.
Forward Looking Statements
Certain statements made in this release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding the companys future plans, objectives,
and expected performance, including the reference to the expected impact of the transaction on
future earnings. Specifically, statements that are not historical facts, including statements
accompanied by words such as believe, expect, anticipate, intend, estimate, or plan,
are intended to identify forward-looking statements and convey the uncertainty of future events or
outcomes. The company cautions readers that any such forward-looking statements are based on
assumptions that the company believes are reasonable, but are subject to a wide range of risks, and
actual results may differ materially.
Important factors that could cause actual results to differ include, but are not limited to
realization of anticipated synergies after the completion of the transaction. Further information
regarding the factors that could cause actual results to differ materially from projected results
can be found in the companys filings with the Securities and Exchange Commission, including in the
companys Annual Report on Form 10-K for the year ended December 31, 2010.
The company cautions you not to place undue reliance on the forward- looking statements contained
in this release, which speak only as of the date on which such statements were made. The company
undertakes no obligation to release publicly any revisions to these forward-looking statements to
reflect events or circumstances after the date on which such statements were made or to reflect the
occurrence of unanticipated events.
GR Actuation and Landing Systems
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