United Technologies To Acquire Goodrich for $18.4B

AINalerts » September 22, 2011
September 22, 2011, 10:14 AM

United Technologies, the parent company of engine maker Pratt & Whitney Canada and helicopter manufacturer Sikorsky, reached an agreement yesterday to purchase Goodrich for $18.4 billion. The announcement followed speculation over the prior week that United Technologies was looking to acquire Goodrich, Rockwell Collins or Cessna Aircraft parent company Textron. Goodrich manufactures landing gear, wheels and brakes and other systems for various aircraft, a list that includes many business jets. Specifically, Goodrich supplies landing gear for all large-cabin Gulfstreams (including the G650), as well as wheels and brakes for most Cessna Citations; Hawker Beechcraft turboprops and jets; Bombardier Learjets, Challengers and Globals; Pilatus PC-12; and Piaggio Avanti II, among others. It is also a supplier of boot de-icing systems for business and regional aircraft. The deal is subject to “customary closing conditions,” including regulatory and Goodrich shareholder approvals. “The combined company’s increased scale, financial strength and complementary products will strengthen United Technologies’ position in the aerospace and defense industry,” the companies said in a joint statement. Aerospace analysts don’t expect more major consolidations like this deal any time soon, though they said it could spark some strategic mergers of medium-size aerospace companies.

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