CHARLOTTE, N.C., 19 April 2005. Goodrich Corp. announced today that it has completed the sale of its JcAIR Test Systems business to Aeroflex Inc. of Plainview, N.Y., for $35 million.
JcAIR Test Systems designs and supplies a variety of specialized electronic test equipment used in the commercial and military aerospace industry. Its customers include aerospace equipment manufacturers, airframe manufacturers and airlines.
JcAIR Test Systems products and services range from build-to-print test fixtures and cables to custom-designed computerized test stations. Located in New Century, Kan., JcAIR Test Systems has approximately 130 employees. The company had 2004 revenues of approximately $24 million.
"Aeroflex is acquiring an excellent supplier of avionics test systems with a reputation in the industry for quality, value and responsiveness. For Goodrich, this represents another step towards strategically aligning our resources," said Cindy Egnotovich, president of Goodrich's Electronic Systems Segment.
Goodrich expects to report an after-tax gain on the sale of the business of approximately $13 million, or $0.11 per fully diluted share. The gain on sale and results of operations for prior periods of JcAIR Test Systems will be reported by Goodrich as a discontinued operation beginning in the second quarter of 2005.
Goodrich, a Fortune 500 company, is a global supplier of systems and services to the aerospace and defense industry. If there's an aircraft in the sky, we're on it. Goodrich technology is involved in making aircraft fly ... helping them land ... and keeping them safe. Serving a global customer base with significant worldwide manufacturing and service facilities, Goodrich is one of the largest aerospace companies in the world. For more information, see www.goodrich.com.
