CHARLOTTE, N.C., June 10, 2010 /PRNewswire-FirstCall/ -- 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 http://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
SOURCE Goodrich Corporation; GR - Actuation and Landing Systems