Goodrich buys TRW aerospace division

Manufacturing News, Source : TheManufacturer.com
Published : 20 Jun 2002 8:56

Goodrich Corporation has just announced plans to buy TRW Inc.’s Aeronautical Systems business unit for $1.5 billion.

The global aeronautical and industrial components manufacturer, Goodrich, stands to gain strength in the commercial and military aerospace industries as a result of the TRW acquisition.

“This is a strategically important acquisition for us as we continue to add value by building on our core aerospace base,” said David Burner, chairman and CEO of Goodrich Corp. “The integration of Aeronautical Systems with Goodrich will significantly strengthen our position as a top-tier aerospace systems supplier and further deepen our longstanding relationships with shared customers worldwide.”

According to the agreement, Goodrich will acquire the flight controls, cargo systems, engine control systems, power and utility systems, and missile actuation businesses, among others.

The deal was approved by both Goodrich’s and TRW’s board of directors and is expected to be permanently financed by a combination of debt and equity-linked securities. The transaction is expected to be completed by the fourth quarter of 2002 and will be subject to approval by US and European regulatory agencies.

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