Business

July 27, 2012

United Technologies closes Goodrich acquisition

United Technologies Corp. announced July 26 it has completed its acquisition of Goodrich Corporation, marking a major milestone for the company and strengthening its position in the commercial aerospace industry.

Goodrich will be combined with Hamilton Sundstrand to create the new UTC Aerospace Systems business unit, headquartered in Charlotte, N.C.

The increased scale, financial strength and complementary products resulting from the Goodrich acquisition significantly advance United Technologies’ aerospace leadership at a time when the commercial aerospace industry is poised for growth.

“Throughout the history of our company, we have made many acquisitions, but Goodrich is among the few that stand out as truly transformational,” said UTC Chairman and CEO Louis Chenevert. “Adding the talented people, great technology and culture of innovation that has defined Goodrich truly positions us to better serve our aerospace customers with more advanced, integrated solutions for the next generation aircraft.

“The addition of Goodrich, along with our recent acquisition of a majority share in International Aero Engines, greatly advances our strategy of focusing on our core businesses and strengthens our position in the growing commercial aerospace market,” he continued.

UTC also announced that Marshall Larsen, formerly Goodrich’s chairman and chief executive officer, is slated to join the United Technologies board of directors. Larsen is expected to be formally elected at the next scheduled meeting of UTC’s board on Sept. 12, 2012.

“Marshall’s global business experience and remarkable record of accomplishment while leading Goodrich will make him a valuable addition to UTC’s board of directors,” Chenevert said. “I look forward to continuing to work with him and to welcoming him to our board.”

In addition, effective immediately, Alain Bellemare is appointed president and CEO of UTC Propulsion & Aerospace Systems. Bellemare will have leadership responsibility for Pratt & Whitney and for the newly created UTC Aerospace Systems. The presidents of Pratt & Whitney and of UTC Aerospace System’s two businesses – Aircraft Systems and Power, Controls & Sensing Systems – will report to him.

“Alain’s strong customer relationships, deep knowledge of the global aerospace markets, and proven leadership capabilities – most recently demonstrated during Goodrich integration planning – will serve him well and enable UTC Propulsion & Aerospace Systems to deliver unmatched value to customers and shareholders,” Chenevert said.




All of this week's top headlines to your email every Friday.


 
 

 

Northrop Grumman awarded position on Air Force training systems acquisition III contract

The U.S. Air Force has awarded Northrop Grumman a position on the Training Systems Acquisition III indefinite delivery/indefinite quantity contract to support war fighter training systems at global U.S. Air Force operating locations. Twelve companies have been awarded positions on TSA III, which has a ceiling value of approximately $20.9 billion over 10 years, if...
 
 
Navy photograph

Raytheon and U.S. Navy collaborate to optimize minehunting sonar

Navy photograph The Remote Minehunting System and AN/AQS-20A Minehunting Sonar on USS Independence. Raytheon is working closely with the Naval Undersea Warfare Center — Division Newport to enhance the features of the comp...
 
 

Boston Engineering receives Air Force contract to advance UAV motor control capabilities

Boston Engineering today announced a $150,000 contract from the U.S. Air Force to enhance its UAV capabilities and to also reduce drone noise. Specifically, Boston Engineering will demonstrate an embedded motor control platform to accelerate U.S. Air Force UAV research and development initiatives. Embedded motor controllers underpin critical UAV operations including drone propulsion and sensors...
 

 

Boeing receives $1.49 billion contract for 13 P-8A Poseidon ircraft

Boeing will provide the first P-8A Poseidon maritime surveillance aircraft for Australia and additional P-8As for the U.S. Navy following a $1.49 billion contract award from the Navy for 13 aircraft. The order includes nine aircraft for the U.S. Navy and four Poseidon aircraft for the Royal Australian Air Force, a long-time partner to the...
 
 

Boeing completes 777X firm configuration

Boeing announced Aug. 27 the completion of the firm configuration milestone for the 777-9, the first member of the 777X family to be developed. The Boeing 777X team reached this significant design milestone after working closely with airline customers and key suppliers to optimize the configuration of the new airplane. The 777X family includes the...
 
 

Raytheon to provide training services to U.S. Air Force

The U.S. Air Force has named Raytheon as one of the prime contractors on the Training Systems Acquisition III contract. This allows Raytheon to bid on delivery orders on this multiple award, indefinite delivery/indefinite quantity contract with a total ceiling value of $20.9 billion over 10 years. Under this Air Force Life Cycle Management Center...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>