PRINCETON, NJ-Sensors Unlimited Inc. accepts the $60 million cash offer to merge with Goodrich Corp. This agreement has been approved by the Board of Directors of Sensors Unlimited Inc. and Goodrich Corp. and is expected to close in the fourth quarter of 2005. The transaction is subject to approval by U.S. regulatory agencies. The new business' 2005 sales are expected to be $19 million.
Under the terms of the agreement, Goodrich will acquire a business that has pioneered the design and production of Short Wave Infrared (SWIR) technology. Sensors Unlimited also works with Indium Gallium Arsenide (InGAs) imaging technology-which provides imaging performance in extremely low light conditions-and has in-house manufacturing capabilities for advanced infrared cameras and short wave infrared and near infrared focal plane arrays.
"This is a strategically important acquisition for our surveillance and reconnaissance business," says Marshall Larsen, chairman, president and CEO of Goodrich. "We continue to build on our growing presence in the defense and homeland security markets."
The new business will become part of Goodrich's existing Optical and Space Systems division.