BFGoodrich is to sell its performance materials business to an investment group for $1.2 billion in cash and $200 million in debt securities. The deal, due to close early next year, will leave the US company focused on aerospace (84% of revenues) and industrial products. BFGoodrich says sales for this year will drop from $5.6 billion to $4.4 billion when restated to exclude performance materials, and that proceeds from the sale could be used to reduce debt, repurchase shares and for acquisitions.
Source: Flight International