Mar 3 2008
Goodrich Corporation today announced that it has signed an agreement to acquire TEAC Aerospace Holdings, Inc. (TEAC), a leading provider of proprietary airborne mission data, video recording and debrief products for the defense industry, and cabin video systems for commercial airlines. The transaction is subject to customary closing conditions and regulatory approvals. Terms of the acquisition were not disclosed.
TEAC, a Thayer | Hidden Creek portfolio company, employs roughly 85 people at its Monterey Park, Calif. facility. Major customers include all branches of the U.S. military, allied governments, leading defense contractors, and major airlines worldwide. The company has been in business for more than 30 years, and in 2007 generated over $50 million in revenue.
"This acquisition provides Goodrich with additional presence in advanced military aircraft data collection as well as post-flight debrief capabilities," said Curtis Reusser, Segment President, Electronic Systems at Goodrich. "In addition, TEAC's extensive installed base of analog systems provides significant retrofit opportunities for their new digital offerings. We are proud to have their advanced proprietary products for fixed-wing information management join Goodrich's broad portfolio of high tech systems."
Dave Husted, CEO of TEAC, said, "We're excited to be part of Goodrich, and look forward to leveraging our complementary technology and product portfolio to benefit the markets we serve."
The acquisition is expected to be neutral to slightly accretive to earnings in 2008 after the impact of purchase accounting, and is expected to be accretive to earnings in 2009.
TEAC will become part of Goodrich's Sensors and Integrated Systems business.