Goodrich Corporation announced today that it has entered into a definitive agreement to sell its Avionics business to L-3 Communications for $188 million.
The transaction has been approved by the boards of directors of Goodrich and L-3 Communications. Subject to customary regulatory approvals, the sale is expected to close late in the first quarter or early in the second quarter of 2003.
After-tax proceeds are expected to be about $134 million. Avionics Systems will be reported as a discontinued operation starting with the reporting of first quarter results in late April 2003.
Goodrich Avionics Systems, with 2002 revenues of approximately $100 million, manufactures and markets a variety of avionics instruments and systems primarily for general aviation, business jet and military aircraft.
Headquartered in Grand Rapids, Michigan, Avionics Systems has 546 total employees and additional locations in Columbus and Dayton, Ohio, Fort Lauderdale, Florida, and Louisville, Kentucky.