Goodrich to acquire DeCrane aerospace assets

  • 10-Aug-2010 04:58 EDT

Goodrich Corp. has signed an agreement to acquire the cabin management assets of DeCrane Holdings Co., a provider of seating, furniture, veneers, and cabin management systems for the business jet market. The transaction, which does not include the aircraft completions business of DeCrane, is expected to close this month, subject to customary government approvals. Sales in 2010 for the business are expected to be approximately $170 million and are expected to grow significantly over the next several years as the business jet market recovers. The purchase price is approximately $280 million, reflecting a multiple of less than eight times 2010 estimated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The acquisition is expected to be slightly dilutive in the third quarter and accretive thereafter, including the impact of purchase accounting adjustments. Goodrich's outlook for 2010 sales, earnings, and cash flow, released on July 29, are not expected to change as a result of this transaction.

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