BERWYN, Pa., Jan. 18 (UPI) -- The pump and engine control systems business of the Goodrich Corp. is being acquired by the Triumph Group Inc. of Pennsylvania.
The transaction is expected to close in the current fiscal quarter, subject to normal regulatory approvals. Financial details of the deal, for which a definitive agreement was signed Friday, were not disclosed but the merging of the business into Triumph's Aerospace Systems Group is expected to add about $195 million in annual income.
"The acquisition of GPECS will provide Triumph with proprietary capabilities in a market where we do not currently participate," said Jeffry D. Frisby, Triumph's president and chief executive officer. "In addition, the acquisition will enhance our ties to existing customers while also further diversifying our customer base due to GPECS' strong alignment with all major engine OEMs (original equipment manufacturers) and the U.S. Army."
GPECS is an aerospace fuel system supplier for the commercial, military, helicopter and business jet markets.