United Technologies Corp is selling the former Goodrich Corporation pump and engine control systems business to TransDigm Group Incorporated for approximately $236 million in cash.
The transaction is subject to regulatory approvals and customary closing conditions, but closing is expected late this year or early in 2013.
Sale of the pump and engine control systems unit (GPECS) was one of the divestitures required by regulatory authorities as a condition of UTC's acquisition of Goodrich Corporation. UTC recently announced it has also reached agreement to sell the former Goodrich electric power systems business.
GPECS, located in West Hartford, Connecticut, manufactures highly engineered aerospace fuel systems for the business jet, helicopter, military and commercial marketplace. Its major engine platforms include the General Electric T700, the Honeywell T55, the Rolls-Royce M250, the Williams FJ44 family, the Turbomeca Arrius/Arriel, and the Pratt Whitney Canada 210 engines.
W Nicholas Howley, chairman and CEO of TransDigm Group Incorporated stated, "GPECS is a long established proprietary business with significant aftermarket content and an outstanding reputation. The highly engineered products are both a good fit with our overall strategy and also allow us to expand our content on a number of substantial engine applications. As with all TransDigm acquisitions, we see opportunities for significant value creation."
