TransDigm and Goodrich Terminate Agreement to Acquire Engine
Controls Business
CLEVELAND, Dec. 6, 2012 /PRNewswire/ -- TransDigm Group
Incorporated (NYSE: TDG) announced today that the Company, its
subsidiary, TransDigm Inc., and Goodrich Corporation, a subsidiary
of United Technologies Corporation (UTC), have mutually agreed to
terminate the previously announced asset purchase agreement between
them dated October 25, 2012, pursuant
to which TransDigm would acquire the pump & engine control
systems business of Goodrich (GPECS), for approximately
$236 million in cash.
The termination follows notice by the Department of Justice that
it objected to the transaction. Under a consent agreement
between UTC and the Department of Justice, approval of the
Department of Justice of the transaction was required and was in
the Department of Justice's sole discretion.
W. Nicholas Howley, Chairman and
Chief Executive Officer of the Company stated, "The consent
agreement between UTC and the Department of Justice, which provided
the Department of Justice the right to approve the acquirer of
GPECS in its sole discretion, made this an unusual situation and
process. We do not believe that this will impact future
acquisitions."
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a
leading global designer, producer and supplier of highly engineered
aircraft components for use on nearly all commercial and military
aircraft in service today. Major product offerings, substantially
all of which are ultimately provided to end-users in the aerospace
industry, include mechanical/electro-mechanical actuators and
controls, ignition systems and engine technology, specialized pumps
and valves, power conditioning devices, specialized AC/DC electric
motors and generators, NiCad batteries and chargers, engineered
latching and locking devices, rods and locking devices, engineered
connectors and elastomers, cockpit security components and systems,
specialized cockpit displays, aircraft audio systems, specialized
lavatory components, seatbelts and safety restraints, engineered
interior surfaces and lighting and control technology.
Forward-Looking Statements
Statements in this press release that are not historical facts,
including statements regarding the impact on future acquisitions,
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.Words such as "believe,"
"may," "will," "should," "expect," "intend," "plan," "predict,"
"anticipate," "estimate," or "continue" and other words and terms
of similar meaning may identify forward-looking statements.
All forward-looking statements involve risks and uncertainties
which could affect TransDigm Group's actual results and could cause
its actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of,
TransDigm Group, including risks associated with regulatory
approvals of future transactions. Except as required by law,
TransDigm Group undertakes no obligation to revise or update the
forward-looking statements contained in this press release.
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Contact:
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Liza
Sabol
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Investor
Relations
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(216)
706-2945
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ir@transdigm.com
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SOURCE TransDigm Group Incorporated