CHARLOTTE, N.C., June 8, 2011 /PRNewswire/ -- Goodrich Corporation
(NYSE: GR) today announced it will close its Marble Avenue landing
gear facility in Cleveland, Ohio
by the end of 2012 due to program volume decline and the lack of
appropriate new work to cost-effectively fill available
capacity.
Approximately 400 employees are located at the facility which
supplies a range of landing gear equipment for commercial and
military customers. The activities currently performed at Marble
Avenue will be gradually transferred to other landing gear
facilities.
As previously disclosed, Goodrich will record a charge
associated with the facility closure. The company expects to record
pre-tax charges totaling approximately $39
million of which 40 percent are non-cash.
Approximately $16 million
($0.08 per diluted share) will be
recorded in the second quarter of 2011 and approximately
$5 million ($0.03 per diluted share) will be recorded in the
second half of 2011. Approximately $15
million ($0.07 per diluted
share) will be recorded in 2012. None of these charges were
included in the company's 2011 outlook, released on April 21, 2011. The 2011 outlook will be
updated for these items and other business-related revisions as
part of the company's second quarter results press release on
July 28, 2011.
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
This document contains both historical and forward-looking
statements. Forward-looking statements are not based on historical
facts but instead reflect our expectations, estimates or
projections concerning future results or events, including, without
limitation, our expectations as to anticipated pre-tax closure
charges and future cost savings. These statements generally can be
identified by the use of forward-looking words or phrases such as
"believe," "expect," "anticipate," "may," "could," "intend,"
"intent," "belief," "estimate," "plan," "likely," "will," "should"
or other similar words or phrases. These statements are not
guarantees of performance and are inherently subject to known and
unknown risks, uncertainties and assumptions that are difficult to
predict and could cause our actual results, performance or
achievements to differ materially from those expressed in or
indicated by those statements. We cannot assure you that any of our
expectations, estimates or projections will be achieved.
The forward-looking statements included in this document are
only made as of the date of this document and we disclaim any
obligation to publicly update any forward-looking statement to
reflect subsequent events or circumstances.
Numerous factors could cause our actual results and events to
differ materially from those expressed or implied by
forward-looking statements, including, without limitation:
- The preliminary nature of the estimates related to the closure
initiatives, and the possibility they may change as Company
management develops and finalizes its plans.
- The Company's ability to timely implement the closure plan in
a manner that will positively impact our financial condition and
results of operation.
- The impact of the closure plan on the Company's relationships
with its employees, its major customers and vendors.
- Unanticipated expenses and charges that might occur as a
result of the closure plan.
- Litigation risks, including litigation regarding employment
and workers' compensation.
- The Company's ability to improve operations and realize cost
savings.
- The Company's ability to execute on its closure plan, and
general business and economic conditions.
The list of factors above is illustrative, but by no means
exhaustive. All forward-looking statements should be evaluated with
the understanding of their inherent uncertainty.
SOURCE Goodrich Corporation; GR - Actuation and Landing
Systems