Goodrich Gets Sensor Deal - Analyst Blog
June 11 2012 - 1:08PM
Zacks
Goodrich Corporation (GR) has received a
production order for its SiIMU02 inertial measurement units or IMUs
from Belfast-based defense contractor, Thales Air Defence Limited.
The order covers more than 1,000 units with deliveries starting in
late 2013.
These IMUs will be used as the standard inertial sensor on
Thales' new Lightweight Multi-role Missile or LMM. The LMM from
Thales is a low-cost, lightweight laser beam-riding missile
designed to be launched from a variety of naval, land and air
platforms in a wide range of operational roles. Its first
application is expected to be the UK Royal Navy's Wildcat
helicopter.
Goodrich stated the SiIMU02 unit is extremely small, lightweight
and flexible -- one-tenth the size of legacy IMUs. Goodrich's
Sensors and Integrated Systems team in Plymouth, U.K. will produce
the units.
Goodrich is a global supplier of components and systems for
communications and avionics. Most of the company’s products are
sold to government and commercial customers that generate higher
volume sales and create economies of scale, thus helping in winning
more cost-sensitive government contracts. The company also provides
equipment for this niche market.
The positive case for Goodrich is supported by its
geographically diverse customer mix, its wide presence in the
commercial and business jets market, resurgence in commercial
aftermarket sales, a strong balance sheet, an incremental dividend
and an ongoing share repurchase program.
Earlier, in September 2011, United Technologies
Corp. (UTX) announced that it would acquire Goodrich for
$18.4 billion, including the assumption of $1.9 billion in debt.
The deal is expected to close by August-end 2012.
Based in Charlotte, North Carolina, Goodrich Corporation
supplies components, systems and services to the commercial,
regional, business and general aviation markets in the U.S. and
other parts of the world. Goodrich also supplies aircraft and
satellite systems to the global military and space markets.
Goodrich’s products and services are principally sold to customers
in North America, Europe and Asia.
Goodrich presently retains a short-term Zacks #3 Rank (Hold). We
have a long-term Neutral recommendation on the stock. The cautious
stance stems from the uncertainty in the recovery of the large
commercial airplane original equipment market, along with possible
defense cutbacks, dependence on international sales, high research
and development overheads and regulatory risks.
GOODRICH CORP (GR): Free Stock Analysis Report
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