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Charlotte, North Carolina – November 15, 2000:
In a strategic move that significantly increases the company's position in space flight systems,
announced today that it has signed a definitive agreement with Raytheon to buy its electro-optical systems unit.
The business being acquired develops and manufactures advanced products
and technologies used in space transport and payload applications,
including systems used on the sophisticated Hubble Telescope Satellite and Chandra X-Ray Observatory.
Its work includes the 941-actuator AO system
for the U.S. Air Force Advanced Electro-Optical System on Maui.
The companies expect to complete the cash transaction by year-end, pending completion of government reviews.
The purchase price was not disclosed.
The acquisition will dramatically advance BFGoodrich's strategy of becoming
a leading supplier of satellite attitude determination and on-orbit control systems (ADOCS).
In addition to being a world leader in precision optical sensors and advanced large optical systems,
the Raytheon unit, which had revenues of $152 million in 1999,
also makes laser warning systems and visual surveillance systems for day and night use.
While many of these products were originally developed for military applications,
there are considerable opportunities in the commercial arena, which Goodrich will pursue.
In commenting on the transaction, Marshall Larsen, President and Chief Operating Officer of BFGoodrich Aerospace, said, "This acquisition will enhance our capabilities to provide systems for space vehicle control electronics and electro-optical remote sensing, two of the fastest growing markets in the industry. In addition, the combination of BFGoodrich technologies, including health and utility monitoring systems (HUMS), air data computers, fuel
management systems, and micro-electrical machines
with Raytheon's technologies in infrared sensors, electro-optics and spectral analysis will enable us to explore new applications in the commercial aircraft sector."
Mr. Larsen added, "The company's rapid expansion in space flight systems is a perfect example of our strategy to build substantial and profitable businesses through small-to-medium complementary acquisitions enhanced by internal capabilities.
With this latest acquisition, we are well on our way to creating a new and significant platform for profitable growth."
According to Michael Piscatella, President of BFGoodrich Aerospace's Electronic Systems Group, "The acquisition will bring great products, capabilities and people into our group. The talent of the Raytheon people was a key factor in our decision, and we look forward to them quickly becoming part of the Goodrich team."
Until early 1997, BFGoodrich's space business was limited to selling temperature and fuel measurement sensors. With four acquisitions over the past three years, the company has now assembled the skills and mass to become a leading ADOCS supplier with the ability to move into electro-optical payload design and manufacturing. In addition, BFGoodrich anticipates extending its new capabilities into related areas of the aerospace market to maximize its opportunities for profitable growth.
The BFGoodrich Company has its headquarters in Charlotte, North Carolina and employs 27,000 people worldwide. BFGoodrich's major business segments currently include Aerospace, Performance Materials and Engineered Industrial Products. Its Aerospace Segment, which accounts for $3.6 billion of the company's $5.5 billion in annual sales, is one of the world's leading suppliers of components, systems, and services to the aerospace industry. The company was recently included as number six in Fortune magazine's top 10 ranking of the most admired companies in the aerospace industry. In April 2000, the company announced plans to divest the Performance Materials Segment.
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