Goodrich Acquires Recon/Optical Assets
Acquisition enhances Goodrich's reconnaissance sensor and precision optics capabilities
(Charlotte, N.C., July 28, 2008) -- Goodrich Corporation (NYSE: GR) has signed an agreement with Bourns, Inc. to acquire the Chicago Aerial Industries (CAI) and Pacific Optical Division (POD) assets of Recon/Optical, Inc. (ROI), a leading provider of low-to-medium altitude airborne reconnaissance cameras and optical products for the homeland security and military market. The transaction closed today; terms of the acquisition were not disclosed.
ROI employs approximately 170 people at facilities located in Barrington, Ill. and Riverside, Calif. Major customers include original equipment defense contractors as well as U.S. and allied military forces around the world. Primary products include dual-band and infrared framing cameras, imagery and data exploitation systems, and sophisticated optical devices. The company was founded in 1922, and in 2007 generated over $27 million in revenue.
Curtis Reusser, Segment President, Electronic Systems at Goodrich, said, "This acquisition provides Goodrich with additional capabilities in persistent imaging, one of the key components our armed services need to execute today's missions. ROI's products for low and medium altitude missions are an excellent complement to Goodrich's high altitude DB-110 and SYERS cameras operating today. Combining our engineering strengths and technology will further support U.S. and allied forces in the full altitude spectrum of high end reconnaissance systems."
Richard Zacaroli, Vice President and General Manager for ROI, said, "We are looking forward to joining Goodrich and leveraging our capabilities to benefit the markets we serve."
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