Goodrich Corporation (NYSE: GR) has acquired UK-based Crompton Technology Group, Ltd. (CTG), a leading designer and manufacturer of advanced carbon fiber composite products for the aerospace, defense, advanced vehicle and clean energy markets. The transaction closed yesterday; terms of the acquisition were not disclosed.
CTG, a privately-held company, employs approximately 150 people at its Banbury, UK facility. CTG's products are used on a number of diverse aerospace platforms in production and development. Primary aerospace products include transmission shafts for flight control and power drive systems as well as specialized pipes used in fuel systems. CTG also has successfully applied its composite design capabilities to a number of other products, including flywheels and accumulators in the clean energy and advanced vehicle markets.
"CTG's innovative composite design, engineering and manufacturing experience has positioned it for significant future growth as aircraft currently in development transition into production," said Jack Carmola, Segment President, Actuation and Landing Systems at Goodrich. "This acquisition allows Goodrich to benefit from this expected growth and to expand our composite capabilities into a broader range of Goodrich systems. We intend to leverage CTG's proprietary technology across a number of Goodrich products to benefit commercial and military customers worldwide."
Dr. Scott Roberts, Managing Director of CTG, said, "Over the last few years, CTG has grown rapidly and gained recognition as an innovator in the field of composites. In joining Goodrich, we look forward to continuing to grow the business while maintaining our entrepreneurial drive for designing and manufacturing increasingly advanced technical solutions."
CTG will become part of Goodrich's Actuation Systems business.