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Safran enters definitive agreement for the purchase of Goodrich Electric Power Systems

17-Oct-2012 8:30 AM

Safran entered (16-Oct-2012) into a definitive agreement with Goodrich Corporation to acquire Goodrich Electric Power Systems (GEPS) the company's electrical power systems unit and a leading supplier of on-board aerospace electrical power systems. The cash consideration for the transaction is EUR310 million. The transaction is expected to close late in 2012 or early in 2013 and is subject to regulatory approvals and satisfaction of other customary closing conditions. The company will be consolidated within Safran's Aircraft Equipment business. GEPS’ 60% equity interest in Aerolec, a joint venture with Thales, is included in the scope of the transaction. Aerolec is a supplier to Airbus for the main electrical power generation of the A380 and A400M programs. The acquisition will also allow Safran to continue to develop new solutions for the electrification of aircraft equipment (including landing gear, nacelle and equipment linked to power transmissions) and closer integration of electrical systems with the aircraft engine. GEPS activities are expected to generate revenues of over USD200 million in 2012, of which the aftermarket business (spares and MRO services) should contribute half. GEPS employs approximately 560 people, primarily at its headquarters and facility in the UK, and at a facility in the US. [more - original PR]