Tuesday, November 1, 2011
United Technologies Acquires Goodrich
Sikorsky parent company, United Technologies Corp. (UTC) has acquired Goodrich in a deal worth $18.4 billion. Charlotte, N.C.-based Goodrich produces “complementary product lines,” such as actuation systems, wheels and brakes, engine components, landing gear, engine controls, electrical power and ISR systems, sensors and nacelles for the six major helicopter manufacturers, including Sikorsky.
“The combination will significantly increase our system’s offerings to airframers,” explained UTC chairman, Louis Chenevert. CFO Greg Hayes added that UTC doesn’t currently “have landing gear and brakes” in its catalog of product offerings. According to Hayes, Goodrich’s acquisition now makes United Technologies a $66 billion company.
Current Goodrich chairman and CEO, Marshall Larsen, is slated to become CEO of a forthcoming combined UTC Aerospace division, which will be based out of Charlotte. Larsen stated that Goodrich’s portfolio was “very strong,” with 30 percent of sales coming from the defense and aerospace sectors, which encompasses the production of OEM and aftermarket helicopter parts. “We have a core business in priority areas … that are least likely to be impacted even in the face of tighter defense budgets,” said Larsen.
Goodrich provides almost all the sensors and integrated systems for the Black Hawk, as well as several main components for the CH/MH-53D/E Sea Stallion, CH-53K Super Stallion, H/S-92, MH-60 Seahawk, PZL Swidnik SW-4 and the S-76C+/D. Until the acquisition closes in 2012, it’s “business as usual” for Goodrich, a company spokesperson noted.
Following UTC’s acquisition, Goodrich made an acquisition of its own, purchasing Winslow Marine Products Corp. Lake Suzy, Fla.-based Winslow produces life rafts for the helicopter, commercial aviation and marine markets.