Goodrich Corporation Acquires Crompton Technology Group, Ltd.
By Goodrich Corporation Gr - Actuation And Landing Systems, PRNEWednesday, June 9, 2010
Acquisition provides expanded carbon fiber composite capabilities
CHARLOTTE, North Carolina, June 10, 2010 - Goodrich Corporation (NYSE: GR) has acquired UK-based Crompton Technology
Group, Ltd. (CTG), a leading designer and manufacturer of advanced carbon
fiber composite products for the aerospace, defense, advanced vehicle and
clean energy markets. The transaction closed yesterday; terms of the
acquisition were not disclosed.
CTG (www.ctgltd.com), a privately-held company, employs approximately 150
people at its Banbury, UK facility. CTG's products are used on a number of
diverse aerospace platforms in production and development. Primary aerospace
products include transmission shafts for flight control and power drive
systems as well as specialized pipes used in fuel systems. CTG also has
successfully applied its composite design capabilities to a number of other
products, including flywheels and accumulators in the clean energy and
advanced vehicle markets.
"CTG's innovative composite design, engineering and manufacturing
experience has positioned it for significant future growth as aircraft
currently in development transition into production," said Jack Carmola,
Segment President, Actuation and Landing Systems at Goodrich. "This
acquisition allows Goodrich to benefit from this expected growth and to
expand our composite capabilities into a broader range of Goodrich systems.
We intend to leverage CTG's proprietary technology across a number of
Goodrich products to benefit commercial and military customers worldwide."
Dr. Scott Roberts, Managing Director of CTG, said, "Over the last few
years, CTG has grown rapidly and gained recognition as an innovator in the
field of composites. In joining Goodrich, we look forward to continuing to
grow the business while maintaining our entrepreneurial drive for designing
and manufacturing increasingly advanced technical solutions."
CTG will become part of Goodrich's Actuation Systems business.
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. For more information visit
www.goodrich.com.
Forward Looking Statement:
Certain statements made in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
regarding the company's future plans, objectives, and expected performance.
Specifically, statements that are not historical facts, including statements
accompanied by words such as "believe," "expect," "anticipate," "intend,"
"estimate," or "plan," are intended to identify forward-looking statements
and convey the uncertainty of future events or outcomes. The company cautions
readers that any such forward-looking statements are based on assumptions
that the company believes are reasonable, but are subject to a wide range of
risks, and actual results may differ materially.
Important factors that could cause actual results to differ include, but
are not limited to: the overall demand for aircraft containing the company's
and CTG's products; the ability to integrate successfully CTG's business; and
the potential cancellation of orders. Further information regarding the
factors that could cause actual results to differ materially from projected
results can be found in the company's filings with the Securities and
Exchange Commission, including in the company's Annual Report on Form 10-K
for the year ended December 31, 2009 and the company's Quarterly Report on
Form 10-Q for the quarter ended March 31, 2010.
The company cautions you not to place undue reliance on the forward-
looking statements contained in this release, which speak only as of the date
on which such statements were made. The company undertakes no obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date on which such statements were made or
to reflect the occurrence of unanticipated events.
Goodrich Corporation operates through its divisions and as a parent
company for its subsidiaries, one or more of which may be referred to as
"Goodrich Corporation" in this press release.
GR - Actuation and Landing Systems
Media, Martin Butler, +44-0-121-4515975, Lisa Bottle, +1-704-423-7060; Investor Relations: Paul Gifford, +1-704-423-5517
Tags: Charlotte, Goodrich Corporation; GR - Actuation and Landing Systems, June 10, North carolina, United Kingdom