Goodrich completes DeCrane Cabin Management Assets acquisition
23 Sep 2010
Goodrich Corporation (NYSE: GR) has completed the acquisition of the Cabin Management assets of DeCrane Holdings Co., a leading provider of seating, furniture, veneers and cabin management systems for the business jet market, for approximately $280 million. The transaction does not include the aircraft completions business of DeCrane.
The purchase price is 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.
Goodrich had announced its intentions to acquire DeCrane's Cabin Management assets last month.
DeCrane Cabin Management employs approximately 850 people at six facilities located throughout the U.S. Major customers include business jet manufacturers such as Bombardier, Cessna, Dassault, Embraer, Gulfstream and Hawker Beechcraft. Primary products include aircraft seats, molded composites, custom cabinetry, custom veneers and furniture, cabin management systems and inflight entertainment systems.
The Cabin Management assets become part of Goodrich's Interiors Strategic Business Unit, within its Nacelles and Interior Systems Segment.
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.
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