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Safran buys Goodrich Electrical for 300 million euro

Staff writer ▼ | March 27, 2013
French aerospace group Safran has finalized the acquisition of Goodrich Electrical Power Systems (GEPS), a supplier of on-board aerospace electrical power systems, for approximately 300 million euro.
Safran
SafranFrench aerospace group Safran has finalized the acquisition of Goodrich Electrical Power Systems (GEPS), a supplier of on-board aerospace electrical power systems, for approximately 300 million euro.


GEPS brings new capabilities to Safran’s product offering, including the critical electrical power generation know-how and experience which is the heart of electrical power systems. This transaction, by combining GEPS and Safran’s complementary strengths, creates a world's biggest company in aerospace electrical power systems with a comprehensive product portfolio.

GEPS will be consolidated within Safran’s existing Aircraft Equipment business with effect from April 1, 2013 and is expected to generate additional revenues of approximately Euro 120 million for nine months in 2013, of which the aftermarket business, spares and MRO services, should contribute half. GEPS employs approximately 560 people, primarily at its headquarters and facility in Pitstone Green in the United Kingdom, and at a facility in Twinsburg, Oh., USA.

At the same time, France said that it was launching the sale of a 3.12 percent stake in Safran. The sale covers 13 million and it be in the form of a placement with institutional investors via an accelerated book-building, said the finance ministry. France should remain Safran's top shareholder with a 27.08 percent stake and, having the double weighing of voting rights, it will have the same influence as before within the group.


 

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