Goodrich Corporation (ticker: GR, exchange: New York Stock Exchange (.N))
News Release -
Goodrich and Rolls-Royce Sign Agreements to Complete Engine Controls Joint Venture
CHARLOTTE, N.C., Dec. 22, 2008 /PRNewswire-FirstCall/ -- Goodrich
Corporation (NYSE: GR) and Rolls-Royce Group plc announced today that they
have signed all appropriate agreements related to the formation of a joint
venture company to develop and supply engine controls for Rolls-Royce aero
engines. The two companies previously announced the intention to form the
joint venture on August 14, 2008.
The joint venture company, Rolls-Royce Goodrich Engine Control Systems
Limited, will operate as Aero Engine Controls. It combines Goodrich's existing
UK-based engine controls design and manufacturing business and Rolls-Royce's
expertise in the integration of controls into the engine. Each of the
contributing companies owns 50 per cent of Aero Engine Controls. Goodrich
will retain the aftermarket products and services business associated with the
joint venture's products.
The transaction is expected to close on December 31, 2008. As part of the
transaction, Goodrich expects to receive $100 million in cash.
Goodrich Corporation, a Fortune 500 company, is a global supplier of
systems and services to aerospace, defense and homeland security markets.
With one of the most strategically diversified portfolios of products in the
industry, Goodrich serves a global customer base with significant worldwide
manufacturing and service facilities. For more information visit
Certain statements made in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
regarding the company's future plans, objectives, and expected performance.
Specifically, statements that are not historical facts, including statements
accompanied by words such as "believe," "expect," "anticipate," "intend,"
"estimate," or "plan," are intended to identify forward-looking statements and
convey the uncertainty of future events or outcomes. The company cautions
readers that any such forward-looking statements are based on assumptions that
the company believes are reasonable, but are subject to a wide range of risks,
and actual results may differ materially.
Important factors that could cause actual results to differ include, but
are not limited to, the transaction closing on December 31, 2008. Further
information regarding the factors that could cause actual results to differ
materially from projected results can be found in the company's filings with
the Securities and Exchange Commission, including in the company's Annual
Report on Form 10-K for the year ended December 31, 2007.
The company cautions you not to place undue reliance on the forward-
looking statements contained in this release, which speak only as of the date
on which such statements were made. The company undertakes no obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date on which such statements were made or
to reflect the occurrence of unanticipated events.
Goodrich Corporation operates through its divisions and as a parent
company for its subsidiaries, one or more of which may be referred to as
"Goodrich Corporation" in this press release.
SOURCE Goodrich Corporation; GR - Electronic Systems
CONTACT: Media, Lisa Bottle, +1-704-258-1506, or Laurie Tardif,
+1-704-423-7048; or Investor Relations, Paul Gifford, +1-704-423-5517