CHARLOTTE, N.C., 7 Sept. 2005. Goodrich Corp. announced today that it has entered into a definitive agreement to acquire Sensors Unlimited, Inc. for $60 million.
Under the terms of the agreement, Goodrich will acquire a business that has pioneered the design and production of Short Wave Infrared (SWIR) technology. Sensors Unlimited is a leader in Indium Gallium Arsenide (InGaAs) imaging technology -- which provides superior imaging performance in extremely low light conditions -- and has in-house manufacturing capabilities for advanced infrared cameras and short wave infrared and near infrared focal plane arrays.
Sensors Unlimited products have a presence in a variety of markets such as: military; security; industrial; commercial; and telecommunications. Applications range from covert surveillance, night vision and health and safety protocols to historical art inspection. These products align with existing Goodrich positions in intelligence, surveillance and reconnaissance systems and are expected to create opportunities for additional growth in new and emerging markets.
According to Marshall Larsen, chairman, president and CEO of Goodrich, "This is a strategically important acquisition for our surveillance and reconnaissance business. We continue to build on our growing presence in the defense and homeland security markets. Short wave infrared sensors and near infrared imaging systems, created with indium gallium arsenide technology, will significantly strengthen our position in the high- growth markets for surveillance and reconnaissance systems as well as homeland security applications.
"For example, our DB-110 airborne reconnaissance system, a Goodrich technology currently flying with the U.K.'s Royal Air Force, which will also be flying with Poland's Ministry of National Defense, is capable of leveraging the addition of short wave infrared technology. Our laser perimeter awareness systems that support emerging homeland security needs may also incorporate short wave infrared technology to enhance their capabilities; thereby expanding the already broad portfolio of solutions we can offer to the marketplace."
The transaction, which has been approved by the boards of directors of Goodrich and Sensors Unlimited, Inc. is expected to close in the fourth quarter of 2005. The transaction is subject to approval by U.S. regulatory agencies. 2005 sales for the new business are expected to be $19 million.
With a 39,000-square-foot facility in Princeton, N.J. and more than 50 employees in manufacturing and engineering roles, the new business will become part of Goodrich's existing Optical and Space Systems division. Sensors Unlimited, Inc. is being represented by Merrill Lynch & Co. in this transaction.
Goodrich Corp., a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information, see www.goodrich.com.
