Addition of SWIR aligns with existing Goodrich intelligence, surveillance and
CHARLOTTE, N.C., Sept. 6 /PRNewswire-FirstCall/ -- Goodrich Corporation
(NYSE: GR) announced today that it has entered into a definitive agreement to
acquire Sensors Unlimited, Inc. The $60 million cash transaction, which has
been approved by the Boards of Directors of Goodrich and Sensors Unlimited,
Inc. is expected to close in the fourth quarter of 2005. The transaction is
subject to approval by U.S. regulatory agencies. 2005 sales for the new
business are expected to be $19 million.
Under the terms of the agreement, Goodrich will acquire a business that
has pioneered the design and production of Short Wave Infrared (SWIR)
technology. Sensors Unlimited is a leader in Indium Gallium Arsenide (InGaAs)
imaging technology -- which provides superior imaging performance in extremely
low light conditions -- and has in-house manufacturing capabilities for
advanced infrared cameras and short wave infrared and near infrared focal
Sensors Unlimited products have a presence in a variety of markets such
as: military; security; industrial; commercial; and telecommunications.
Applications range from covert surveillance, night vision and health and
safety protocols to historical art inspection. These products align with
existing Goodrich positions in intelligence, surveillance and reconnaissance
systems and are expected to create opportunities for additional growth in new
and emerging markets.
According to Marshall Larsen, Chairman, President and Chief Executive
Officer of Goodrich, "This is a strategically important acquisition for our
surveillance and reconnaissance business. We continue to build on our growing
presence in the defense and homeland security markets. Short wave infrared
sensors and near infrared imaging systems, created with indium gallium
arsenide technology, will significantly strengthen our position in the high-
growth markets for surveillance and reconnaissance systems as well as homeland
security applications. For example, our DB-110 airborne reconnaissance
system, a Goodrich technology currently flying with the U.K.'s Royal Air
Force, which will also be flying with Poland's Ministry of National Defense,
is capable of leveraging the addition of short wave infrared technology. Our
laser perimeter awareness systems that support emerging homeland security
needs may also incorporate short wave infrared technology to enhance their
capabilities; thereby expanding the already broad portfolio of solutions we
can offer to the marketplace."
With a 39,000-square-foot facility in Princeton, N.J. and more than 50
employees in manufacturing and engineering roles, the new business will become
part of Goodrich's existing Optical and Space Systems division.
Sensors Unlimited, Inc. is being represented by Merrill Lynch & Co. in
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
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,"
"could," "should," "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 company's ability to successfully develop products
incorporating short wave infrared and indium gallium arsenide technology; the
company's ability to successfully manufacture and sell products that are part
of the existing Sensors Unlimited product lines; competitive product and
pricing pressures; domestic and foreign government spending, budgetary and
trade policies; economic and political changes in international markets where
the company competes, such as changes in currency exchange rates, inflation,
deflation, recession and other external factors over which the company has no
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.
SOURCE Goodrich Corporation; GR - Electronic Systems
Gail K. Warner, +1-704-423-7048
both of Goodrich Corporation