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BFGoodrich Acquires Barnes To Expand Satellite Components Business
Charlotte - February 1, 2000 - BFGoodrich announced today that it has completed the purchase of the Barnes Engineering unit of EDO Corporation and will add the operation to its rapidly expanding position as a measurement and control subsystems supplier to the space industry. Barnes is located in Shelton, Connecticut and will become part of the company's Data Systems Division located in Albuquerque, New Mexico. The price of the acquisition was approximately $10 million in cash, subject to certain post-closing balance sheet and other adjustments which could decrease the price by up to $3.5 million. Barnes is a leading designer and manufacturer of earth and sun sensors used in attitude determination and control subsystems for spacecraft. The company's earth sensors are on almost every major satellite placed in orbit and the company overall has a 100% success performance record for its products. The company, which employs about 100 people, is well positioned to capitalize on the growing commercial space market. This latest transaction is an important strategic move that will help build BFGoodrich's space systems business into a significant part of the company's $3.6 billion aerospace segment. Last September, the company purchased Ithaco Space Systems, a company that designs and manufactures mechanical control devices, also for altitude determination and control subsystems. In commenting on the acquisition, John Grisik, president, BFGoodrich Aerospace Sensors & Integrated Systems Group, said, "Barnes is an excellent addition to our space systems business. Its products are a great fit with Ithaco's products, and our overall portfolio of data systems, electronic control subsystems, and temperature, pressure and fuel measurement sensors. BFGoodrich Aerospace is fast approaching the critical mass needed to be a major space subsystems supplier. "
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