B/E Aerospace Announces the Acquisition of Draeger Aerospace GmbH
July 26 2006 - 2:00AM
Business Wire
B/E Aerospace, Inc. (Nasdaq:BEAV), the world's leading manufacturer
of aircraft cabin interior products and a leading aftermarket
distributor of aerospace fasteners, today announced that it has
acquired Draeger Aerospace GmbH (Draeger), from Cobham PLC of
Dorset, England for approximately $80 million. The acquisition
which is an all cash purchase will be funded with cash on hand. The
transaction is expected to be modestly accretive to earnings per
share in 2007, the first full year following the acquisition, and
significantly accretive in 2008 and beyond due to strong
manufacturing, research and development, sales and logistics
synergies between our two organizations. With over 100 years of
experience in the oxygen delivery business, Draeger is a leading
supplier of components and integrated systems to supply oxygen
systems for both civil and military aircraft. In the civil market,
Draeger has well-established strengths in both chemical and gaseous
oxygen systems. Draeger, like B/E, is well-positioned on both
Airbus and Boeing aircraft. In the military market, Draeger is the
prime contractor for oxygen systems for the Eurofighter Typhoon, as
well as providing maintenance and repair services for the German
air force's in-service oxygen systems. The integration of Draeger
with B/E's existing oxygen business will create substantial
operating efficiencies for B/E's OEM partners (Airbus, Boeing and
BAe) and will allow B/E to offer the broadest oxygen system product
line in the industry, including passenger and crew oxygen as well
as oxygen storage and distribution. Draeger's expertise in Chemical
Oxygen Systems, Super Integrated Passenger Service Units (SIPSU)
and advanced military oxygen systems complements B/E's expertise in
Gaseous Oxygen Systems, state of the art oxygen delivery
technologies (Pulse(TM) Oxygen) and the industry's most advanced
Crew Oxygen Systems for both the commercial and military markets.
In addition, Draeger's newly developed SIPSU combined with B/E's
oxygen systems will significantly increase B/E's content on the new
Airbus A380 and the Boeing B787. This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements involve risks and
uncertainties. B/E's actual experience may differ materially from
that anticipated in such statements. Factors that might cause such
a difference include those discussed in B/E's filings with the
Securities and Exchange Commission, including but not limited to
its most recent Form 10-K and Form 10-Q. For more information, see
the section entitled "Forward-Looking Statements" contained in
B/E's Form 10-K and in other filings. The forward-looking
statements included in this news release are made only as of the
date of this news release and, except as required by federal
securities laws, we do not intend to publicly update or revise any
forward-looking statements to reflect subsequent events or
circumstances. About B/E Aerospace, Inc. B/E Aerospace, Inc. is the
world's leading manufacturer of aircraft cabin interior products,
and a leading aftermarket distributor of aerospace fasteners. B/E
designs, develops and manufactures a broad range of products for
both commercial aircraft and business jets. B/E manufactured
products include aircraft cabin seating, lighting, oxygen, and food
and beverage preparation and storage equipment. The company also
provides cabin interior design, reconfiguration and
passenger-to-freighter conversion services. Products for the
existing aircraft fleet - the aftermarket - generate about 60
percent of sales. B/E sells and supports its products through its
own global direct sales and product support organization. For more
information, visit B/E's website at http://www.beaerospace.com.
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