Goodrich Corporation was founded in 1870 in Akron, Ohio and is currently based on Charlotte, North Carolina. It had its beginnings dating back to 1869 when Benjamin Franklin Goodrich bought the Hudson River Rubber Company. The company began as Goodrich, Tew & Co. in 1870 before changing its name to B.F. Goodrich Company in 1880 and later BF Goodrich and Goodrich Corporation in the 1980s and 2001, respectively. In World War II, Goodrich was ranked 67th in military production contracts amongst all US companies. Today, Goodrich is primarily an aerospace manufacturing company, although it is also one of the largest global tire and rubber manufacturers. Goodrich merged with Uniroyal 1986, Rohr in 1997, Coltec Industries in 2002, and TRW Aeronautical Systems in 2002. As of 2006, the company was reporting sales of $5.8 billion, with almost half (46%) of all sales coming from the US government, Airbus, or Boeing. Its competitors are Honeywell, Messier-Bugatti, Aircraft Braking Systems, and SNECMA, among others. Goodrich sold its brand name of tires to Michelin, who kept the B.F. Goodrich name. Today, the company no longer participates in the tire business and deals primarily in aerospace. The current CEO is Marshall Larsen. |
Goodrich deals with the following products: actuation systems, aero structures, aircraft wheels and brakes, electrical power systems, engine components, engine control systems, engineered polymer products, interiors, ISR systems, sensors and integrated systems, and undercarriage/landing gear. Most recently, United Technologies Corporation moved forwarded with buying out Goodrich for $18.4 billion at $127.50 per share, while taking on $1.9 billion of debt. This deal was completed in July of 2012, with the remaining divisions of Goodrich and Hamilton Sundstrand subsequently forming UTC Aerospace Systems. Goodrich is now currently a subsidiary of United Technologies Corporation. This was the largest acquisition by United Technologies in many years, and further strengthened a company that already included Sikorsky helicopters, Otis elevators, and Pratt & Whitney jet engines. In anticipation of the acquisition of Goodrich Corporation, United Technologies sold off $3 billion in assets and raised over $1 billion. This was accomplished by offering 20 million equity units for $50 each. In addition, the following divisions were sold to raise money for the deal: Rocket dyne, Clipper Wind power, and some Hamilton Sundstrand divisions.
Today, Goodrich is still one of the largest global suppliers of systems and components to the aviation and aerospace industry, including commercial aviation, defense, and space. It conducts business mainly in North America, Europe, and Asia and operates three business segments: Actuation and Landing Systems, Nacelles and Interior Systems, and Electronic Systems.
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