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Goodrich Corporation

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About Goodrich Corporation

Goodrich is a tireless leader in aerospace systems. The company serves regional/business aircraft, original equipment and aftermarket, helicopters, military, and space markets through its three aerospace divisions. Goodrich's largest segment, actuation and landing systems, makes fuel systems, aircraft wheels, brakes, landing gear, and flight control – more... systems. Nacelles and interior systems offers maintenance/repair services and makes aerostructures (cowlings and thrust reversers), as well as aircraft seats and cargo and lighting systems. Its electronic systems division makes fuel controls, flight management systems, and reconnaissance systems. In 2012 Goodrich was acquired by United Technologies (UTC).

The deal is at valued at $18.4 billion ($16.5 billion in cash and $1.9 billion in assumed debt). The company and UTC's Hamilton Sundstrand have joined together to form the new UTC Aerospace Systems business unit. To allay concerns of the Justice Department about a possible monopoly in some aircraft components, UTC is selling Goodrich's businesses in large main engine generators and engine control systems to aircraft parts maker TransDigm Group. Goodrich's pump and engine control systems business is being sold to Triumph Group.

Altogether Goodrich's segments offer products and services for the entire lifecycle of aircraft used for both commercial and defense operations. The actuation and landing systems segment serves customers that include commercial, regional, business, and defense aircraft firms as well as operations in commercial/military helicopters and aero/industrial turbine components. The segment accounts for 36% of sales.

The next largest segment, accounting for 35% of sales, is nacelles and interior systems. Providing the structure that surrounds an aircraft engine, a nacelle is made up of exhaust systems, inlet and fan cowls, nozzle assemblies, and thrust reversers. Calling itself a nacelle integrator, Goodrich is able to design and make all components of a nacelle, dress the engine systems, and make sure the engine and nacelle are harmoniously deployed in the aircraft structure. A large part of sales for this product group, also known as aerostructures, is made through long-term, fixed-price contracts. Long-term contracts in pre-production include agreements with Airbus, Pratt & Whitney, and Boeing. Customers served by the segment include large commercial, regional, and business aircraft firms and the military.  

Customers served by electronic systems include large commercial, regional, business, and defense aircraft firms as well as companies that provide commercial helicopters and search and rescue aircraft. The segment accounts for 29% of sales. For the company as a whole, the US government, Airbus, and Boeing account respectively for 23%, 18%, and 15% of sales.

Goodrich makes about half of its sales in the US. The company derives the remainder of its revenues from international customers through its internal marketing and sales force, as well as sales subsidiaries and distributors. Goodrich operates manufacturing facilities in Asia/Pacific, North America, and Europe. 

Year-over-year 2011 sales rose about 16% on the back of an 18% uptick in sales for large commercial airplane original equipment, a 42% jump in regional, business, and general aviation aircraft original equipment sales, a 15% increase in large commercial, regional, business, and general aviation airplane aftermarket sales, and a 10% rise in defense and space original equipment and aftermarket sales.

By segment, actuation and landing systems headed up 18%.  Factors in the rise included more demand from the large commercial airplane market for actuation systems and landing gear and more sales of wheels, brakes, and actuation systems to large commercial, regional, business, and general aviation airplane aftermarket customers. Sales related to new offerings after the acquisition of Microtecnica also accounted for the segment's higher sales.

Nacelles and interior systems soared 19%. The segment did well with aerostructure sales to large commercial original equipment customers and with demand from large commercial, regional, business, and general aviation airplane aftermarket customers for aerostructures and interiors. Interiors products enjoyed more demand from defense and space original equipment and aftermarket customers. Offerings related to new operations of two acquisitions, the cabin management business of  DeCrane, purchased in 2010, and Winslow, also supported higher sales for this segment.

Electronic systems increased 9%. Sensors, integrated systems, and intelligence, surveillance, and reconnaissance systems were in demand from defense and space original equipment and aftermarket customers. Large commercial, regional, business, and general aviation airplane original equipment and aftermarket firms bought more sensors, integrated systems, engine controls, and electrical power products.

The company is optimistic about its future prospects based on projections that worldwide passenger capacity growth as measured by Available Seat Miles (ASM) will grow throughout 2012. Despite cutbacks in US defense spending, the company is cushioning itself against that challenge by focusing on priority military programs, including the Lockheed Martin F-35 Lightning II, new helicopter platforms, precision guidance systems for munitions, and the growing emphasis on intelligence, surveillance, and reconnaissance operations.

In the civilian market, the company is counting on the aging of airplane fleets and the trend toward more outsourcing for more aftermarket sales. The company has also installed new facilities in Europe, Asia, and the Middle East to take advantage of more opportunities in that region for maintenance, repair, and overhaul (MRO) support. The company is also positioning its technical experience with fuel efficiency to build more sales as aircraft firms seek to create greener operations.

Goodrich's product development is supported by funding from customers, which not only brings a financial advantage but also keeps the company's finger on the pulse of its customers' needs. Of total R&D expenses in 2011 of about $247 million, customer funding accounted for some $119 million.

In 2011 Goodrich acquired Microtecnica for about €330 million (about $462 million) from European private equity firm Stirling Square Capital Partners. Microtecnica brought its flight control actuation systems for helicopter, regional/business aircraft, missile actuation, and thermal/environmental control systems for aircraft. It also brought its clientele, including AgustaWestland, Hamilton Sundstrand, Bombardier, and Eurocopter.

The same year Goodrich paid more than $49 million for Winslow Marine Products, which makes life rafts for the corporate aviation, helicopter, and marine sectors. The acquisition was folded into the nacelles and interior systems segment. – less

Goodrich Corporation Employer Reviews
Team Leader, Aftermarket Configuration & Planning (Former Employee), Oakville, ONMarch 12, 2015
Manufacturing Tech. (Current Employee), OakvilleOctober 9, 2013
Junior Design Engineer (Former Employee), Oakville, ONSeptember 5, 2012
Customer Service Administrator - Spares (Former Employee), Monroe, NCAugust 20, 2015
Technical Writer and Illustrator (Novice) (Former Employee), Chula Vista, CAAugust 13, 2015
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