Goodrich Corporation signs agreement to acquire Microtecnica

Goodrich Corporation has signed an agreement with SSCP Aero Holdings S.C.A., a company backed by the European private equity firm Stirling Square Capital Partners, to acquire Microtecnica S.r.l. Microtecnica is a leading provider of flight control actuation systems for helicopter, regional and business aircraft, missile actuation, and aircraft thermal and environmental control systems. The transaction is expected to close during the second quarter of 2011, subject to customary government approvals. Sales for the full year 2011 for the business are expected to be approximately $220 million, and are expected to grow significantly over the next several years. Total cash consideration for the acquisition is approximately 330 million Euros ($462 million at an exchange rate of 1.40), reflecting a multiple of approximately 11.5 times 2011 estimated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). The acquisition is expected to be slightly accretive to earnings in 2011, including the impact of purchase accounting adjustments, and solidly accretive thereafter.