TEAC bought by Goodrich

Goodrich Corporation is to acquire TEAC Aerospace Holdings, a provider of airborne mission data, video recording and debrief products for the defence industry, and cabin video systems for commercial airlines.

Terms of the acquisition, which will see TEAC will become part of Goodrich’s Sensors and Integrated Systems business, were not disclosed.

TEAC employs approximately 85 people at its Monterey Park, California facility and major customers include all branches of the US military, allied governments, leading defence contractors, and major airlines worldwide. Furthermore, the company generated more than $50m in revenue on 2007.

The acquisition, which is subject to customary closing conditions and regulatory approvals, is expected to be neutral to slightly accretive to earnings in 2008. However, Goodrich expects the purchase to be accretive to earnings in 2009.