Goodrich Buys DeCrane Assets and PATS Goes It Alone

 - September 29, 2010, 10:58 AM

Goodrich has acquired the assets and unspecified liabilities of DeCrane Aerospace Cabin Management for a reported $280 million. According to a statement issued by DeCrane in August the company also signed an agreement with a substantial majority of its lenders and stockholders to realign the capital structure of PATS following completion of the sale, which at the time was pending federal approval. A spokesman for the company said DeCrane will use most of the money to repay outstanding debt and redeem preferred stock issued by DeCrane Aerospace. According to Matthew Hill, director of sales and marketing for PATS, DeCrane’s PATS Aircraft Systems will continue to operate as a stand-alone business with a concentration on business and executive aircraft auxiliary fuel system manufacturing and VVIP maintenance, modification and interior completions. “We are now the sole remaining operating entity of DeCrane Aerospace,” he told AIN. “We now have a singular focus on our core competencies. We are aggressively pursuing our interest in the large, narrow-body VIP maintenance and completions business and specifically targeting aircraft in the BBJ and ACJ category.”