CHARLOTTE, N.C. --- Goodrich Corporation announced today that it has entered into a definitive agreement to sell its airframe heavy maintenance business, Goodrich Aviation Technical Services, Inc. (ATS), to Macquarie Bank Limited.
The transaction has been approved by the Board of Directors of Goodrich. Subject to customary regulatory approvals, the sale is expected to close in the fourth quarter this year. Financial terms were not disclosed. ATS will be reported as a discontinued operation starting with the reporting of third quarter 2007 results.
ATS has over 1,200 employees at its 950,000-square-foot-facility in Everett, Wash. Serving a broad base of North American and global customers, ATS provides maintenance, repair and overhaul services to airlines, cargo fleet operators and aircraft owners. ATS services include: airframe heavy maintenance; aircraft modifications and painting; passenger-to-freighter conversions; engineering and certification; and component repair and overhaul.
Macquarie Bank Limited is a diversified global financial services institution headquartered in Sydney, Australia. Macquarie has a broad range of experience in managing and/or owning investments in the aviation industry including airports, aircraft leasing, jet engine leasing and Fixed-Base Operations.
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.
Goodrich Announces Agreement to Divest Airframe Heavy Maintenance Business