CHARLOTTE, N.C., Feb. 29 /PRNewswire-FirstCall/ -- Goodrich Corporation (NYSE: GR) today announced that it has signed an agreement to acquire TEAC Aerospace Holdings, Inc. (TEAC), a leading provider of proprietary airborne mission data, video recording and debrief products for the defense industry, and cabin video systems for commercial airlines. The transaction is subject to customary closing conditions and regulatory approvals. Terms of the acquisition were not disclosed.
TEAC, a Thayer | Hidden Creek portfolio company, employs roughly 85 people
at its Monterey Park, Calif. facility. Major customers include all branches
of the U.S. military, allied governments, leading defense contractors, and
major airlines worldwide. The company has been in business for more than 30
years, and in 2007 generated over
"This acquisition provides Goodrich with additional presence in advanced military aircraft data collection as well as post-flight debrief capabilities," said Curtis Reusser , Segment President, Electronic Systems at Goodrich. "In addition, TEAC's extensive installed base of analog systems provides significant retrofit opportunities for their new digital offerings. We are proud to have their advanced proprietary products for fixed-wing information management join Goodrich's broad portfolio of high tech systems."
Dave Husted , CEO of TEAC, said, "We're excited to be part of Goodrich, and look forward to leveraging our complementary technology and product portfolio to benefit the markets we serve."
The acquisition is expected to be neutral to slightly accretive to earnings in 2008 after the impact of purchase accounting, and is expected to be accretive to earnings in 2009.
TEAC will become part of Goodrich's Sensors and Integrated Systems business.
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.
Thayer | Hidden Creek is a strategically focused private equity firm that targets industrial products and services companies in the middle market. The firm has offices in Washington, D.C. and Minneapolis , Minn. The Thayer | Hidden Creek team utilizes a disciplined approach to investing and a hands-on operating philosophy to help grow and improve the capabilities of each of its portfolio companies. For more information, visit www.thayerhiddencreek.com.
Certain statements made in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's future plans, objectives, and expected performance. 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: the overall demand for aircraft containing the company's and TEAC's products; the ability to integrate successfully TEAC's business; and the potential cancellation of orders. Further information regarding the factors that could cause actual results to differ materially from projected results can be found in the company's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2007 .
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.
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.
SOURCE Goodrich Corporation; GR - Electronic Systems
