United Technologies Acquires Goodrich Corporation
United Technologies Corp. has announced it has completed its acquisition of Goodrich Corporation, marking a major milestone for the company and strengthening its position in the commercial aerospace industry. Goodrich will be combined with Hamilton Sundstrand to create the new UTC Aerospace Systems business unit, headquartered in Charlotte, N.C. The increased scale, financial strength and complementary products resulting from the Goodrich acquisition significantly advance United Technologies' aerospace leadership at a time when the commercial aerospace industry is poised for growth. "Throughout the history of our company, we have made many acquisitions, but Goodrich is among the few that stand out as truly transformational," said UTC Chairman and Chief Executive Officer Louis Chenevert. "Adding the talented people, great technology and culture of innovation that has defined Goodrich truly positions us to better serve our aerospace customers with more advanced, integrated solutions for the next generation aircraft. "The addition of Goodrich, along with our recent acquisition of a majority share in International Aero Engines, greatly advances our strategy of focusing on our core businesses and strengthens our position in the growing commercial aerospace market," he continued.
UTC also announced that Marshall Larsen, formerly Goodrich's chairman and chief executive officer, is slated to join the United Technologies Board of Directors. Larsen is expected to be formally elected at the next scheduled meeting of UTC's board on Sept. 12, 2012. "Marshall's global business experience and remarkable record of accomplishment while leading Goodrich will make him a valuable addition to UTC's Board of Directors," Chenevert said. "I look forward to continuing to work with him and to welcoming him to our board." In addition, effective immediately, Alain Bellemare is appointed president and chief executive officer of UTC Propulsion & Aerospace Systems. Bellemare will have leadership responsibility for Pratt & Whitney and for the newly created UTC Aerospace Systems. The presidents of Pratt & Whitney and of UTC Aerospace System's two businesses – Aircraft Systems and Power, Controls & Sensing Systems – will report to him. "Alain's strong customer relationships, deep knowledge of the global aerospace markets, and proven leadership capabilities – most recently demonstrated during Goodrich integration planning – will serve him well and enable UTC Propulsion & Aerospace Systems to deliver unmatched value to customers and shareholders," Chenevert said.
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