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Goodrich Corporation to acquire DeCrane Aerospace assets

Goodrich Corporation (NYSE: GR) has signed an agreement to acquire the Cabin Management assets of DeCrane Holdings Co., a leading provider of seating, furniture, veneers and cabin management systems for the business jet market. The transaction does not include the aircraft completions business of DeCrane.

The transaction is expected to close in August 2010, subject to customary government approvals. Sales in 2010 for the business are expected to be approximately $170 million, and are expected to grow significantly over the next several years as the business jet market recovers with the broad economy. The purchase price is approximately $280 million, reflecting a multiple of less than eight times 2010 estimated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). The acquisition is expected to be slightly dilutive in the third quarter 2010 and accretive thereafter, including the impact of purchase accounting adjustments. Goodrich's outlook for 2010 sales, earnings and cash flow, released on July 29, 2010, are not expected to change as a result of this transaction.

DeCrane employs approximately 850 people at six facilities located throughout the U.S. Major customers include business jet manufacturers such as Bombardier, Cessna, Dassault, Embraer and Gulfstream. Primary products include aircraft seats, molded composites, custom cabinetry, custom veneers and furniture, cabin management systems and inflight entertainment systems.

Cindy Egnotovich, Segment President, Nacelles and Interior Systems at Goodrich, said, "This acquisition is an opportunity for Goodrich to add a solid business with excellent market positions in business jet interior systems at an advantageous time in the cycle. DeCrane's leading position in the business jet market allows us to further support our customers in these important sectors, and to capture significant growth opportunities as the business jet market continues its recovery."

The Cabin Management assets will become part of Goodrich's Interiors business, within its Nacelles and Interior Systems segment.

Press release issued by UTC Aerospace Systems, Interiors on August 3, 2010

 

 Contact details from our directory:
UTC Aerospace Systems, Interiors Cabin Signage & Displays, Cabin Lighting, Evacuation Systems, Life Rafts, Wire Harnesses, Aircraft Interior Lighting Systems, Electrical Cable, Passenger Service Units (PSUs), Slides, Crew Seating, Cargo Systems, Aircraft Exterior Lighting Systems, Ejector Seats, Ejection Systems, Rocket Motor Ignition Systems, Pilot Seats, Cabin Management Systems
Textron Aviation Interiors Cabinets, Aircraft Interior Furniture, Floor Coverings, Headlining Materials

 

 Related directory sectors:
Lighting
Crew Seating
Cabin Interiors

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