Goodrich and Turkish Technic, Inc. Complete Agreement to Form Maintenance, Repair and Overhaul Joint Venture

CHARLOTTE, N.C., July 15, 2010 /PRNewswire-FirstCall/ -- Goodrich Corporation (NYSE: GR) and Turkish Technic, Inc. have signed all appropriate agreements related to the formation of a joint venture company to provide maintenance, repair and overhaul (MRO) services in Istanbul, Turkey. The joint venture company, known as Goodrich Turkish Technic Service Center, will provide nacelle, thrust reverser and related component services including rotable support. The center will provide services for the Airbus and Boeing fleets of Turkish Airlines and other carriers in Turkey and neighboring regional fleets. The two companies previously announced the intention to form the joint venture in November 2007.

Site selection is currently underway for the Goodrich Turkish Technic Service Center facility, which will be located near the Sabiha Gokcen International Airport in Istanbul. Initial plans call for the facility to be approximately 20,000 square feet with the option to double in size. The facility will initially employ about 20 people with plans to expand to more than 70 employees within 10 years. The facility is expected to be operational in the first quarter 2011.

"The Goodrich Turkish Technic Service Center will meet the needs of Turkish Airlines by providing a local maintenance solution for the airline's growing fleet," said Goodrich Aerostructures Aftermarket Services Vice President and General Manager Bob Gustafson. "The new facility also extends the Goodrich MRO global footprint and allows us to provide all carriers in the region with customer-focused benefits, such as reduced costs and turnaround times."

The joint venture will also leverage Turkish Technic's already-extensive MRO capabilities. "We are combining our technical expertise and perfection with the global Goodrich reputation for excellence in order to be the leading nacelle, thrust reverser and related component service provider in our region within a short time," said Turkish Technic Inc. General Manager Dr. Ismail Demir. "With this agreement, we are once again proving Istanbul to be an important maintenance and repair hub both for Turkey and surrounding international market."

Turkish Airlines is the national airline of Turkey and is one of the fastest growing carriers in Europe. The airline currently operates 144 aircraft in its passenger and cargo fleet. In the first quarter 2010, Turkish Airlines ordered 89 aircraft, 64 of which are confirmed and 25 of which are optional. By the end of 2015, it is planned that Turkish Airlines will have a total fleet of 260 aircraft, including cargo fleet and Anadolujet fleet.

Turkish Technic Inc., an association of Turkish Airlines group of companies (Istanbul Stock Exchange: THYAO), provides MRO services for Boeing and Airbus airframes, engines, auxiliary power units, landing gear and components. The company serves more than 100 airlines in Europe, the Middle East, Northern Africa, Turkey, and the Commonwealth of Independent States (CIS) with its maintenance base in Istanbul and highly qualified workforce of more than 3,000 personnel. For more information, visit http://www.turkishtechnic.com

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 http://www.goodrich.com.

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.

SOURCE Goodrich Corporation; GR - Nacelles and Interior Systems