Goodrich will pay $280 million to acquire the cabin management assets of DeCrane Holdings Co., of Wichita, Kan., the companies announced Tuesday. DeCrane provides seating, furniture, veneers, interior composites 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 about $170 million, and are expected to grow significantly over the next several years as the business jet market recovers with the broad economy, Goodrich said. The Cabin Management assets will become part of Goodrich's Interiors business, within its Nacelles and Interior Systems segment.
"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," said Cindy Egnotovich, segment president, Nacelles and Interior Systems at Goodrich.
DeCrane employs approximately 850 people at six U.S. facilities. Major customers include business jet manufacturers such as Bombardier, Cessna, Dassault, Embraer and Gulfstream.