After completing all required approval procedures, Safran (NYSE Euronext Paris: SAF) today announced that it has finalized yesterday the acquisition of Goodrich Electrical Power Systems (GEPS), a leading supplier of on-board aerospace electrical power systems. The cash consideration for the transaction amounts to approximately Euro 300 million.
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. 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.
GEPS will be consolidated within Safran’s existing Aircraft Equipment business with effect from April 1st, 2013 and is expected to generate additional revenues of approximately Euro 120 million for 9 months in 2013, of which the aftermarket business (spares and MRO services) should contribute half. These figures were not included in the 2013 revenue guidance announced at the presentation of 2012 annual results. GEPS employs approximately 560 people, primarily at its headquarters and facility in Pitstone Green (c. 460 people), UK, and at a facility in Twinsburg (c. 100 people), OH, USA.