CHARLOTTE, N.C., March 13, 2012 /PRNewswire/ -- Goodrich
Corporation (NYSE: GR) announced that, at the special meeting of
shareholders held today, Goodrich shareholders voted to approve the
proposed merger with United Technologies Corp. (NYSE: UTX).
The final tabulation indicates that more than 98 percent of votes
were cast in favor of the transaction, which represents
approximately 75 percent of the total outstanding shares of
Goodrich common stock as of February 6,
2012, the record date for the special meeting.
Upon completion of the merger, Goodrich will become a wholly
owned subsidiary of United Technologies and Goodrich shareholders
will receive $127.50 in cash, without
interest, for each share of Goodrich common stock they own,
representing a 47.4 percent premium to the closing stock price on
Thursday, September 15, 2011, the
last full day of trading prior to market rumors of a
transaction. The transaction has a total enterprise value of
approximately $18.4 billion,
including approximately $1.9 billion
in net debt assumed. Goodrich continues to expect the merger
to be completed by mid-2012, following the satisfaction or waiver
of all closing conditions.
"We are pleased by the support of our shareholders, which
confirms our confidence in the significant value that this business
combination will create for our investors," said Marshall Larsen, Chairman, President and Chief
Executive Officer of Goodrich. "Since joining Goodrich in
1977, I have had the pleasure of watching the innovations of our
talented employees move from the drawing board to the production
line. By leading the way in technology and innovation,
Goodrich has experienced a period of remarkable growth. Our
successes would not be possible without the hard work and
commitment of all of our employees, and I would like to thank them
for their tireless efforts in building a world class aerospace
company.
"I would also like to thank the Board for their service and
unwavering focus on driving shareholder value. Since our
transformation into a pure play aerospace company, we have driven
substantial growth in sales, margins, profit and cash flow, and
significantly increased shareholder value. Goodrich has
consistently paid an annual or quarterly dividend since 1936.
"We expect the increased global scale that this transaction
provides will best position us for continued success and future
growth across our many platforms. Together with United
Technologies, we expect to advance the aerospace industry, and we
look forward to an expeditious completion of this transaction in
mid-2012," concluded Mr. Larsen.
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
http://www.goodrich.com.
SOURCE Goodrich Corporation