Goodrich is to sell its Avionics Systems business to acquisitive L-3 Communications for $188 million in cash. The net proceeds of around $134 million will be used to repay the balance of a $1.5 billion bridge loan used to finance Goodrich's October acquisition of TRW's Aeronautical Systems business.
Based in Grand Rapids, Michigan, Avionics Systems was profitable in 2002 on revenues of $100 million. It produces general aviation avionics, including Stormscope lightning detection, SkyWatch collision avoidance and LandMark terrain awareness systems, and is developing the SmartDeck integrated cockpit.
Source: Flight International
