United Technologies completes Goodrich Corporation acquisition
United Technologies has used the acquisition of Goodrich Corporation to form the new UTC Aerospace Systems unit.
United Technologies Corp (UTC) has increased its presence in the aerospace industry with the acquisition of Goodrich Corporation.
The firm is to combine Goodrich with Hamilton Sundstrand to form the new UTC Aerospace Systems unit.
Former chairman and chief executive of Goodrich Marshall Larsen will join the board of directors at UTC, while Alain Bellemare has been appointed president and chief executive of UTC Propulsion and Aerospace Systems, giving him responsibility of the Aerospace Systems' operation.
UTC is likely to have consulted with merger and acquisition advisors before going ahead with the purchase, which chairman and chief executive Louis Chenevert described as "truly transformational".
"The addition of Goodrich, along with our recent acquisition of a majority share in International Aero Engines, greatly advances our strategy of focusing on our core businesses," he explained.
Goodrich was established in 1970 as a manufacturer of rubber products and has a longstanding relationship with Boeing, having delivered the 1,000th shipment of 777 landing gear to the aerospace giant earlier in the year.
Posted by David Gleck
Source: United Technologies press release, July 29th