United Technologies to Acquire Goodrich for $18.4BFriday, September 23, 2011
Goodrich Corp., the parent of Chula Vista-based Goodrich Aerostructures, said it agreed to be acquired Sept. 21 by United Technologies Corp. for $127.50 per share in cash or an aggregate of $18.4 billion, including $1.9 billion in debt.
United Technologies, based in Hartford, Conn., said the combination of the two corporations strengthens its position in growth markets. Both are major aerospace manufacturers. Among UTC subsidiaries are Pratt & Whitney, Hamilton Sundstrand, and Sikorsky.
Once the deal is completed, UTC would have annual worldwide sales of about $66 billion, the company said.
Goodrich, which is based in Charlotte, N.C., and generates about $8 billion in annual revenue, is a market leader in nacelles, the housings for jet engines, and landing gear. Its predecessor company is Rohr Inc., which was acquired by Goodrich in 1997.
The deal isn’t expected to result in much overlap of businesses, although one report said United Technologies may need to make some divestitures to get federal approval on antitrust issues.
Goodrich Aerostructures, with about 4,000 employees, has some 2,300 workers in Chula Vista. The plant has been expanding in recent years to keep up with orders from all of the largest commercial jet manufacturers in the world, including Boeing and Airbus.
— Mike Allen