Facing a requirement to pay down debt related to its $1.5 billion purchase of TRW Aeronautical Systems late last year, Goodrich has struck a deal to sell its avionics business to New York-based L-3 Communications. Valued at $188 million, the transaction now awaits regulatory approval, understood to be more or less a formality. The portfolio of products manufactured by Goodrich Avionics Systems, a $100 million-a-year business with 550 employees in Grand Rapids, Mich., and elsewhere around the country, includes the SkyWatch and SkyWatch HP traffic avoidance systems; Stormscope lightning-detection equipment; LandMark terrain awareness and warning system (a class-B TAWS); electronic standby instruments; JET and AIM gyros; and the in-development SmartDeck integrated avionics system for light GA aircraft. A spokeswoman for L-3 said the avionics division likely will operate as a stand-alone entity under a new name and have limited interaction with related L-3 subsidiaries, such as the company’s cockpit display group in Alpharetta, Ga., and Phoenix-based ACSS, a maker of TCAS, class-A TAWS and mode-S transponders. L-3 and Goodrich said the sale would be completed soon, possibly as early as this month.
L-3 Communications buying Goodrich avionics business
- October 17, 2007, 6:05 AM