Goodrich Corporation has announced today that it has entered into a definitive agreement to sell its Turbomachinery Products business to Turbo Machinery Products, Inc., a newly formed, privately-held company formed by Admiralty Partners, Inc.
The transaction is subject to, among other things, financing satisfactory to the buyer and receipt of certain customer consents and government approvals. The sale is expected to close late in the second quarter of 2006. The sale price is $83 million, which is expected to generate after-tax cash flow of approximately $90 million. Goodrich expects to report an after-tax gain on the sale of the business of approximately $10 - $15 million, or $0.08 - $0.12 per diluted share, which will be partially offset by the loss of ongoing earnings from the business in 2006. Goodrich expects Turbomachinery Products to be reported as a discontinued operation starting with the reporting of second quarter 2006 results in July 2006.
Goodrich Turbomachinery Products manufactures and markets a variety of products which range from airfoils to rotating components and assemblies for use in aircraft and industrial gas turbine engines. The business also provides repair and overhaul support for engine manufacturers, airlines and the industrial gas turbine market.
http://www.admiraltypartners.com and http://www.goodrich.com