TransDigm and Goodrich Terminate Agreement to Acquire Engine Controls Business
CLEVELAND, Dec. 6, 2012
CLEVELAND, Dec. 6, 2012 /PRNewswire/ --TransDigm Group Incorporated (NYSE:
TDG) announced today that the Company, its subsidiary, TransDigm Inc., and
Goodrich Corporation, a subsidiary of United Technologies Corporation (UTC),
have mutually agreed to terminate the previously announced asset purchase
agreement between them dated October 25, 2012, pursuant to which TransDigm
would acquire the pump & engine control systems business of Goodrich (GPECS),
for approximately $236 million in cash.
The termination follows notice by the Department of Justice that it objected
to the transaction. Under a consent agreement between UTC and the Department
of Justice, approval of the Department of Justice of the transaction was
required and was in the Department of Justice's sole discretion.
W. Nicholas Howley, Chairman and Chief Executive Officer of the Company
stated, "The consent agreement between UTC and the Department of Justice,
which provided the Department of Justice the right to approve the acquirer of
GPECS in its sole discretion, made this an unusual situation and process. We
do not believe that this will impact future acquisitions."
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global
designer, producer and supplier of highly engineered aircraft components for
use on nearly all commercial and military aircraft in service today. Major
product offerings, substantially all of which are ultimately provided to
end-users in the aerospace industry, include mechanical/electro-mechanical
actuators and controls, ignition systems and engine technology, specialized
pumps and valves, power conditioning devices, specialized AC/DC electric
motors and generators, NiCad batteries and chargers, engineered latching and
locking devices, rods and locking devices, engineered connectors and
elastomers, cockpit security components and systems, specialized cockpit
displays, aircraft audio systems, specialized lavatory components, seatbelts
and safety restraints, engineered interior surfaces and lighting and control
Statements in this press release that are not historical facts, including
statements regarding the impact on future acquisitions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995.Words such as "believe," "may," "will," "should," "expect," "intend,"
"plan," "predict," "anticipate," "estimate," or "continue" and other words and
terms of similar meaning may identify forward-looking statements. All
forward-looking statements involve risks and uncertainties which could affect
TransDigm Group's actual results and could cause its actual results to differ
materially from those expressed or implied in any forward-looking statements
made by, or on behalf of, TransDigm Group, including risks associated with
regulatory approvals of future transactions. Except as required by law,
TransDigm Group undertakes no obligation to revise or update the
forward-looking statements contained in this press release.
Contact: Liza Sabol
SOURCE TransDigm Group Incorporated
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