PARIS, March 27 (UPI) -- The acquisition of U.S. company Goodrich Electrical Power System by Safran of France has been completed, Safran announced.
The deal, worth nearly $400 million, closed Tuesday following completion of necessary approval procedures.
Goodrich Electrical Power Systems, a subsidiary of United Technologies Corp. is a supplier of on-board aerospace electrical power systems.
"GEPS brings new capabilities to Safran's product offering, including the critical electrical power generation know-how and experience which is the heart of electrical power systems," Safran said.
"This transaction, by combining GEPS and Safran's complementary strengths, gives birth to a world leader in aerospace electrical power systems with a comprehensive product portfolio."
Safran said Goodrich Electrical Power Systems will be consolidated within Safran's existing Aircraft Equipment business. The consolidation takes effect Monday.
Additional revenues generated for Safran for nine months of 2013 are expected to be about $154 million, with about half coming from aftermarket business.