Satellite Technology Feature Article
United Technologies Corp. Acquires Goodrich Corporation
By Rahul Arora, TMCnet Contributor
United Technologies Corp., a company that provides technology products and services to the building and aerospace industries, recently acquired Goodrich Corporation, a known name in the aerospace, defense and homeland security markets.
United Technologies also announced Alain Bellemare as the new president and chief executive officer for UTC Propulsion & Aerospace Systems.
According to the terms of the agreement, Marshall Larsen, formerly Goodrich's chairman and chief executive officer, will now be a new member of United Technologies Board of Directors. Moreover, UTC has combined Goodrich with Hamilton Sundstrand, creating an organization with key positions on a wide range of aircraft flying today and substantial content on various UAVs, satellites and ground and naval vehicles.
"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”
"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 related news, United Technologies Corp. sold its wind power business – known as Clipper Windpower – to a private equity firm in Los Angeles, Platinum Equity. Officials from UTC said the move will help the company cover expenses associated with the purchase of Goodrich.
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Edited by Braden Becker