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Shareholders approve Goodrich acquisition

March 14, 2012 at 11:28 AM   |   Comments

CHARLOTTE, N.C., March 14 (UPI) -- Shareholders of North Carolina's Goodrich Corp. overwhelming approved the company's acquisition by United Technologies.

Goodrich said that more than 98 percent of votes cast at a special meeting favored the takeover. That figure, it said, represents about 75 percent of the company's outstanding shares.

"We are pleased by the support of our shareholders, which confirms our confidence in the significant value that this business combination will create for our investors," said Marshall Larsen, chairman, president and chief executive officer of Goodrich.

"We expect the increased global scale that this transaction provides will best position us for continued success and future growth across our many platforms. Together with United Technologies, we expect to advance the aerospace industry, and we look forward to an expeditious completion of this transaction in mid-2012."

Goodrich is a global supplier of systems and services to aerospace, defense and homeland security markets. Upon completion of the acquisition, it will be a wholly owned subsidiary of United Technologies.

Goodrich shareholders will receive $127.50 in cash, without interest, for each share of Goodrich common stock. The transaction has a total enterprise value of about $18.4 billion, including about $1.9 billion in net debt assumed.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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