19 June 2001
Goodrich to buy TRW aeronautical unit for $1.5B
Charlotte, N.C. - Goodrich Corp. said Wednesday it has agreed to acquire TRW Inc.'s Aeronautical Systems businesses for $1.5 billion in cash.
TRW is splitting itself apart. Other units of the defense and car parts maker are being eyed by U.S. rival Northrop Grumman Corp. and Britain's BAE Systems Plc.
Goodrich said the transaction has been approved by the boards of both companies and will be financed by a combination of debt and equity-linked securities. It is expected to be completed by year-end, after review by U.S. and European regulatory agencies.
Terms call for Goodrich to acquire TRW's commercial and military aerospace businesses, including flight controls, cargo systems, engine control systems, power and utility systems, and missile actuation.
Goodrich said the businesses will significantly enhance its global position with 54% of product sales in Europe and approximately 6,200 employees in 22 facilities in nine countries, including manufacturing and service operations in the United Kingdom, France, Germany, Canada, the U.S. and several Asia/Pacific countries.
TRW Aeronautical Systems had 2001 revenue of $1.1 billion.
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