Aircraft parts maker Goodrich Corp., which has operations in West Hartford, plans to expand its defense market offerings by acquiring Atlantic Inertial Systems, a provider of sensors and navigation systems for military use, for about $375 million, Reuters reports.
The supplier of aircraft parts and defense systems said it would fund the purchase with cash and said more such deals were possible as it seeks to grow overall sales, Reuters said.
Goodrich has a pump and engine control systems division in West Hartford.
“We’re in a very good position to do more of those size acquisitions in particular,” Goodrich Chairman and Chief Executive Marshall Larsen told an Oppenheimer conference that was broadcast over the Internet.
Goodrich said the purchase is expected to add slightly to earnings in 2010.
Atlantic Inertial Systems provides sensors and terrain avoidance systems for missiles and aircraft. It is expected to have 2009 sales of about $180 million. It employs about 800 people, and major customers include leading defense contractors and U.S. and foreign military forces.
Larsen said AIS products include sensors for helicopters, a market that it is looking to penetrate further given the U.S. Defense Department’s focus on fighting insurgents in places like Afghanistan, Reuters reported.
Goodrich said it signed an agreement with an investment affiliate of J.F. Lehman & Co., a private equity firm, to acquire Atlantic Inertial, and expects the transaction to close this year.
