PARIS, Oct. 19 (UPI) -- The Safran Group of France is acquiring a British subsidiary of the Goodrich Corp. to enhance its electrical power system offerings.
Under terms of a definite agreement signed with Goodrich, Safran will pay about $406 million for Goodrich Electric Power Systems.
The deal, which is expected to close by the end of this year or early next year, includes GEPS' 60 percent share in Aerolec, a joint venture with Thales that supplies electrical power systems for Airbus aircraft.
"This transaction represents a decisive step in the implementation of Safran's strategy to be a global leader in the field of aircraft electrical systems," said Jean-Paul Herteman, Safran's chairman and chief executive officer. "The trend towards more electrical aircraft is a long-term, irreversible industry evolution which opens up new opportunities for our industry.
"This is a targeted acquisition ... (is) fully in line with our strategy of development based on technological differentiation. It will provide R&D savings versus internal development, and key customer access based on recognized expertise and excellence."
GEPS is a leading supplier of on-board aerospace electrical power systems with facilities in Pitstone Green, England, and Twinsburg, Ohio.