US aeropace manufacturer Goodrich Corporation today said that it would acquire sensor manufacturer AIS Global Holdings LLC (AIS) fro $375 million from an investment affiliate of J F Lehman & Company. The transaction is expected to close by the end of 2009, subject to customary government approvals.
The acquisition follows Goodrich's other recent acquisitions that include Sensors Unlimited, TEAC Aerospace, Recon / Optical and Cloud Cap Technology.
AIS will become part of Goodrich's Sensors and Integrated Systems business, within its Electronic Systems segment.
The purchase price reflects a multiple of slightly less than nine times 2009 estimated adjusted earnings before EBITDA. Goodrich expects the acquisition to add slightly to earnings in 2010, including the impact of purchase accounting adjustments.
AIS, known as Atlantic Inertial Systems, is a leading provider of mission-critical guidance, stabilisation and navigation products and systems for the military and defense market, the acquisition of which would enble Goodrich to enhance its sensor capabilities for the defense market.
AIS expects 2009 to be approximately $180 million, which Goodrich expects would grow significantly over the years ahead.