Goodrich Signs Long-term Overhaul Agreement with Scandinavian Airlines System

Goodrich Corporation (NYSE:GR) has signed a long-term service agreement with Scandinavian Airlines System (SAS) to provide thrust reverser overhaul services on all V2500 engines that power the carrier�s Airbus A320 aircraft. The five-year contract is valued at roughly $8 million; work will be performed at Goodrich�s Prestwick Service Center in Scotland.

The contract includes an option for SAS to extend the duration and scope of the agreement to cover additional V2500 nacelle components, and also to incorporate nacelle systems for other aircraft types such as the Airbus A330 and A340, and the Boeing Next-Generation 737 and MD-90.

Geir Steiro, vice president of technical operations for SAS, said �The Goodrich Prestwick Service Center consistently provides good quality and value along with reliable turn times and full support that meets our specific requirements.�

Steve Callan, general manager of Goodrich�s Prestwick Service Center, said �This agreement is the latest in a long history between SAS and the Prestwick Service Center. We will continue to seek innovative ways to improve both the custom-tailored services we offer them and the value we provide.�

SAS is the leading air carrier in Scandinavian countries, operating scheduled services within Denmark, Norway and Sweden as well as international service.

The Prestwick Service Center, part of Goodrich�s global Maintenance, Repair and Overhaul (MRO) network, is a certified FAA repair station and a recognized leader in nacelle system MRO services. The center recently doubled in size to facilitate its world-class support to airline operators in Europe, the Middle East and Africa.

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.

Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.

Forward Looking Statements

Certain statements made in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's future plans, objectives, and expected performance. Specifically, statements that are not historical facts, including statements accompanied by words such as "believe," "expect," "anticipate," "intend," "estimate," or "plan," are intended to identify forward-looking statements and convey the uncertainty of future events or outcomes. The company cautions readers that any such forward-looking statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks, and actual results may differ materially.

Important factors that could cause actual results to differ include, but are not limited to: the actual amount of product and services purchased under the contract; and potential cancellation of the contract. Further information regarding the factors that could cause actual results to differ materially from projected results can be found in the company's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2008 and the company's quarterly report on Form 10-Q for the quarter ended March 31, 2009.

The company cautions you not to place undue reliance on the forward- looking statements contained in this release, which speak only as of the date on which such statements were made. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date on which such statements were made or to reflect the occurrence of unanticipated events.

GR - Nacelles and Interior Systems

Goodrich (NYSE:GR)
Historical Stock Chart
From Jun 2024 to Jul 2024