CLEVELAND, Sept. 20, 2019
/PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a
leading global designer, producer and supplier of highly engineered
aircraft components, announced today that it has completed the
divestiture of its Esterline Interface Technologies (EIT) group of
businesses to an affiliate of KPS Capital Partners, LP for
approximately $190 million.
EIT was acquired by TransDigm in March
2019 as part of the Esterline Technologies acquisition and
is comprised of three distinct businesses including Advanced Input
Systems, Gamesman and LRE Medical. The business is a developer and
manufacturer of interface solutions serving leading OEMs in the
growing medical, commercial, industrial, diagnostics and gaming end
markets. EIT generated revenues of approximately $190 million for the fiscal year ended
September 30, 2018.
In addition to the EIT divestiture, TransDigm still expects to
complete the previously announced divestiture of the Souriau-Subank
Connection Technologies (Souriau-Sunbank) business to Eaton
Corporation during the fourth quarter of calendar 2019.
Souriau-Sunbank was also acquired by TransDigm in
March 2019 as part of the Esterline
Technologies acquisition and is a leading global supplier of
highly-engineered interconnect solutions for harsh environments
serving customers primarily in aerospace, defense and space end
markets. The business generated revenues of $363 million for the trailing 12-month period
ended June 30, 2019.
TransDigm intends to reclassify and report both EIT and the
Souriau-Sunbank businesses as discontinued operations for the
fourth quarter of fiscal 2019, full fiscal year 2019 and fiscal
2020 guidance.
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, databus and power controls, cockpit
security components and systems, specialized cockpit displays,
aircraft audio systems, specialized lavatory components, seat belts
and safety restraints, engineered interior surfaces and related
components, advanced sensor products, switches and relay panels,
advanced displays, thermal protection and insulation, lighting and
control technology, military personnel parachutes, high performance
hoists, winches and lifting devices, and cargo loading, handling
and delivery systems.
Forward-Looking Statements
Statements in this press release which are not historic facts
are forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact that address activities, events or
developments that we expect, believe or anticipate will or may
occur in the future are forward-looking statements, including, in
particular, statements about the sale of EIT and Souriau-Sunbank.
We have identified some of these forward-looking statements with
words like "believe," "may," "will," "should," "expect," "intend,"
"plan," predict," "anticipate," "estimate" or "continue" and other
words and terms of similar meaning. All forward-looking
statements involve risks and uncertainties which could affect
TransDigm's actual results and could cause its actual results to
differ materially from those expressed in any forward-looking
statements made by, or on behalf of TransDigm. These risks and
uncertainties include, but are not limited to, TransDigm's ability
to successfully complete the sale of Souriau-Sunbank. Except as
required by law, TransDigm undertakes no obligation to revise or
update the forward-looking information contained in this press
release.
Contact:
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Liza Sabol
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Director of Investor
Relations
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(216)
706-2945
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ir@transdigm.com
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