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Company Profile of Goodrich Corporation
Company Profile of Goodrich Corporation - May 7th, 2011
Goodrich Corporation (NYSE: GR), formerly the B.F. Goodrich Company, is an American aerospace manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich. The company name was changed to the "B.F. Goodrich Company" in 1880, to BFGoodrich in the 1980s, and to "Goodrich Corporation" in 2001.
In 1869 Benjamin Franklin Goodrich purchased the Hudson River Rubber Company, a small business in Hastings-on-Hudson, New York. The following year Goodrich accepted an offer of $13,600 from the citizens of Akron, Ohio, to relocate his business there.
The company has a history of innovation. As B.F. Goodrich, the company became one of the largest tire and rubber manufacturers in the world, helped in part by the 1986 merger with Uniroyal (formerly the United States Rubber Company). This product line was sold to Michelin in 1988, and the company merged with Rohr (1997), Coltec Industries, and TRW Aeronautical Systems (formerly Lucas Aerospace) in 2002. The sale of the specialty chemicals division and subsequent change to the current name completed the transformation. In 2006, company sales were $5.8 billion dollars, of which 18%, 16% and 12% of total revenues were accounted for by the U.S. government, Airbus and Boeing, respectively.
In 1936 the company entered the Mexican market in a joint venture with Euzkadi (Now part of Continental AG) (named:Goodrich-Euzkadi). The Troy, Ohio plant was purchased in 1946 from Waco. Since then, Goodrich has manufactured wheels and brakes for a variety of aircraft. Among these are commercial, military, regional, and business programs. This successful operation lies at the core of Goodrich's business. Competitors include the aerostructures divisions of companies such as Honeywell, Messier-Bugatti, Aircraft Braking Systems, (Howmet/Huck) and SNECMA.
In the 1940s, Hood Rubber Company was sold before the Great Depression as a division of the B.F. Goodrich Company.
Even though B.F. Goodrich is still a popular brand name of tires, the Goodrich Corporation exited the tire business in 1988. The tire business and use of the name was sold to Michelin. Before the sale to Michelin, Goodrich ran television and print ads showing an empty expanse of blue sky, to distinguish themselves from the similar-sounding Goodyear tire company.
Goodrich Corporation (Goodrich), incorporated on May 2, 1912, is a supplier of aerospace components, systems and services to the commercial and general aviation airplane markets. It is also a supplier of systems and products to the global defense and space markets. The Company’s business is conducted globally with manufacturing, service and sales undertaken in various locations throughout the world. Its products and services are principally sold to customers in North America, Europe and Asia. The Company has three segments: Actuation and Landing Systems, Nacelles and Interior Systems, and Electronic Systems. Its products include actuation systems, landing gear, aircraft wheels and brakes, nacelles, interiors, engine control systems, intelligence surveillance and reconnaissance systems, sensor systems and power systems. On June 9, 2010, it acquired Crompton Technology Group, Ltd. (CTG). On September 22, 2010, the Company acquired the cabin management assets of DeCrane Holdings Co.
Actuation and Landing Systems
Actuation and Landing Systems segment provides systems, components and related services pertaining to aircraft taxi, take-off, flight control, landing and stopping, and engine components, including fuel delivery systems and rotating assemblies. This system includes wheels, brakes and brake control systems, landing gear, flight control actuation, power transmission systems, turbine fuel technologies and turbomachinery products.
The Company competes with Honeywell International Inc., Messier-Bugatti, Meggitt Aircraft Braking Systems, Crane Co., Triumph Group Inc, Messier-Dowty, Liebherr-Holding GmbH, Heroux-Devtek Inc., APPH Ltd, Sumitomo Precision, GE Aviation, Loud Engineering, Parker Hannifin Corporation, United Technologies Corporation, Liebherr-Holding GmbH, Moog Inc., Nabtesco Aerospace, Inc., Woodward Governor Company, Eaton Aerospace Ltd., Kamatics, Pankl Aerospace Systems Inc., Rexnord Industries, LLC, Parker Hannifin Corporation, Woodward Governor Company, Blades Technology, Samsung, Alcoa Howmet, PZL, LLC, Honeywell - Greer and TECT Corporation.
Nacelles and Interior Systems
Nacelles and Interior Systems segment produces products and provides maintenance, repair and overhaul services associated with aircraft engines, including thrust reversers, cowlings, nozzles and their components, and aircraft interior products, including slides, seats, cargo and lighting systems. The system includes nachelles/thrust reversers, evacuation systems, propulsion systems, aircraft crew seating, ejection seats, lighting, cargo systems and cabin systems.
The Company competes with Nexcelle, Middle River Aircraft Systems, Spirit Aerosystems, Inc., Air Cruisers, Danaher Corp, Scot, Inc., Nammo Talley, Ensign Bickford, Ipeco Holdings Ltd, Sicma Aero Seat, EADS Sogerma Services, B/E Aerospace, Inc., C&D Aerospace Group, BAE Systems, Martin-Baker Aircraft Co. Limited, Page Aerospace Limited, LSI Luminescent Systems Inc., Honeywell Inc., Diehl Luftfahrt Elecktronik GmbH, Zodiac, Luminator, Astronics, Finmeccanica, Telair International, Ancra International LLC, AAR Manufacturing Group, Inc., Zodiac S.A., Ipeco Holdings Ltd and Fisher.
Electronic Systems segment produces a range of systems and components that provide flight performance measurements, flight management, fuel controls, electrical systems, control and safety data, reconnaissance and surveillance systems and precision guidance systems. The system includes sensors, fuel and utility systems, de-icing systems, aerospace hoists/winches, intelligence, surveillance and reconnaissance systems and engine controls.
The Company competes with Honeywell International Inc., Thales, S.A., Auxitrol, Parker Hannifin Corporation, Smiths Group plc, Aerazur S.A., B/E Aerospace, Inc., TransTechnology Corporation, Telair International, BAE Systems, plc, ITT Industries, Inc., L-3 Communications Holdings, Inc., Hamilton Sunstrand, United Technologies Corporation, Argo-Tech Corporation, Woodward Governor Company and Hispano-Suiza.
Actuation and Landing Systems
Aircraft Wheels and Brakes
Aviation Technical Services
Sensors and Integrated Systems
Engine Control and Electrical Power Systems
ISR (Intelligence, Surveillance, and Reconnaissance) Systems
Nacelles and Interior Systems
By 1986 B.F. Goodrich had become an S&P 500-listed company in diverse business, including tire and rubber fabrication. B.F. Goodrich made high-performance replacement tires. In August 1986, one of its biggest competitors in the tire business, Uniroyal Inc., was taken private when it merged with the tire segment of the B.F. Goodrich Company, in a joint venture private partnership, to become the Uniroyal Goodrich Tire Company. B.F. Goodrich Company held a 50% stake in the new tire company.
The new Uniroyal Goodrich Tire Company headquarters was set up at the former B.F. Goodrich corporate headquarters, within its 27-building downtown complex in Akron, Ohio which contained Goodrich's original factory. In the fall of 1987 B.F. Goodrich Company shut down several manufacturing operations at the site, and most of the complex remained vacant until February 1988, when B.F. Goodrich announced plans to sell the vacant part of the complex to the Covington Capital Corporation, a group of New York developers.
In 1987, its first full year of operation, the new Uniroyal Goodrich Tire Company generated almost US$2 billion in sales revenue, with profit of about US$35 million.
However, the merger soon proved to be difficult. In June 1988 B.F. Goodrich sold its 50% stake for US$225 million. The buyers were a group of investors led by Clayton & Dubilier, Inc. a private New York investment firm. At the same time, B.F. Goodrich also received a warrant to purchase indirectly up to 7% of the equity in Uniroyal Goodrich Tire Company.
As part of the June 1988 sale deal, the new privately-held tire company acquired publicly-held debt of $415 million.
Also in 1988, Michelin Group, a subsidiary of the French tire company Michelin et Cie (Euronext: ML) proposed to acquire the Uniroyal Goodrich Tire Company, and began acquiring a stake.
By May 1990, Michelin Group had completed its buyout of Uniroyal Goodrich Tire Company from Clayton & Dubilier of New York. The deal was valued at about US$1.5 billion. B.F. Goodrich surrendered its 7% warrant to Michelin Group, and received US$32.5 million additional revenue from the sale.
B.F. Goodrich by then exited the tire business entirely, in line with its plan to build its chemicals and aerospace businesses through reinvestment and acquisitions. In 1997 it acquired Rohr, a maker of jet aircraft engine nacelles (the aerodynamic structures that surround aircraft engines), expanding its presence in integrated aircraft components industry. In 1999 it acquired Coltec Industries for $2.2 billion in stock and assumed debt, making the former tire maker the No. 1 supplier of landing gear and other aircraft parts.
In 2001, the Company divested its specialty chemicals business to focus on aerospace and industrial products and, to signify the completion of its transformation, it was renamed Goodrich Corporation and adopted a new logo.
Market Cap (Mil.): $10,933.66
Shares Outstanding (Mil.): 124.87
Annual Dividend: 1.16
Yield (%): 1.32
GR.N Industry Sector
P/E (TTM): 16.97 23.01 16.87
EPS (TTM): 30.52 -- --
ROI: 8.99 4.97 3.27
ROE: 19.98 16.89 5.85
Name Age Since Current Position
Larsen, Marshall 62 2003 Chairman of the Board, President, Chief Executive Officer
Kuechle, Scott 51 2008 Chief Financial Officer, Executive Vice President
Linnert, Terrence 64 2005 Executive Vice President - Administration, General Counsel
Witowski, Gerald 63 2008 Executive Vice President - Operational Excellence and Technology
Pollino, Jennifer 46 2005 Senior Vice President - Human Resources
Cottrill, Scott 45 2005 Vice President, Controller
Carmola, John 55 2007 Vice President and Segment President - Actuation and Landing Systems
Egnotovich, Cynthia 53 2007 Vice President and Segment President - Nacelles and Interior Systems
Reusser, Curtis 50 2008 Vice President and Segment President - Electronic Systems
Creel, Diane 62 1997 Independent Director
Rankin, Alfred 70 1988 Independent Director
Holland, William 72 2009 Independent Director
DeLoach, Harris 66 2001 Independent Director
Griffith, James 57 2002 Independent Director
Jumper, John 66 2005 Independent Director
Newton, Lloyd 68 2006 Independent Director
Corvi, Carolyn 59 2009 Independent Director
Four Coliseum Centre
2730 West Tyvola Road
Charlotte NC 28217
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