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Goodrich Corporation
Type Public (NYSE: GR)
Founded Akron, Ohio, U.S. (1870)
Headquarters Charlotte, North Carolina
Key people Marshall Larsen, (Chairman & CEO)
Industry Aerospace
Products Actuation Systems
Aerostructures
Aircraft Wheels and Brakes
Electrical Power Systems
Engine Components
Engine Control Systems
Engineered Polymer Products
Interiors
ISR Systems
Undercarriage
Website www.goodrich.com
Goodrich Silvertown Tires 1920

1920 advertisement for Goodrich Silvertown Tires

The Goodrich Corporation (NYSEGR), formerly the B.F. Goodrich Company, is an American aerospace manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich. The company name was changed to the "B.F. Goodrich Company" in 1880, to BFGoodrich in the 1980s, and to "Goodrich Corporation" in 2001.

HistoryEdit

In 1869 Benjamin Franklin Goodrich purchased the Hudson River Rubber Company, a small business in Hastings-on-Hudson, New York. The following year Goodrich accepted an offer of $13,600 from the citizens of Akron, Ohio, to relocate his business there.

The company has a history of innovation. As B.F. Goodrich, the company became one of the largest tire and rubber manufacturers in the world, helped in part by the 1986 merger with Uniroyal (formerly the United States Rubber Company). This product line was sold to Michelin in 1988, and the company merged with Rohr (1997), Coltec Industries, and TRW Aeronautical Systems (formerly Lucas Aerospace) in 2002.

The sale of the specialty chemicals division and subsequent change to the current name completed the transformation. In 2006, company sales were $5.8 billion dollars, of which 18%, 16% and 12% of total revenues were accounted for by the U.S. government, Airbus and Boeing, respectively.[1]

In 1936 the company entered the Mexican market in a joint venture with Euzkadi (Now part of Continental AG) (named:Goodrich-Euzkadi). The Troy, Ohio plant was purchased in 1946 from Waco. Since then, Goodrich has manufactured wheels and brakes for a variety of aircraft. Among these are commercial, military, regional, and business programs. This successful operation lies at the core of Goodrich's business. Competitors include the aerostructures divisions of companies such as Honeywell, Messier-Bugatti, Aircraft Braking Systems, (Howmet/Huck) and SNECMA.

In the 1940s, Hood Rubber Company was sold before the Great Depression[2] as a division of the B.F. Goodrich Company.[3]

Even though B.F. Goodrich is still a popular brand name of tires, the Goodrich Corporation exited the tire business in 1988. The tire business and use of the name was sold to Michelin. Before the sale to Michelin, Goodrich ran television and print ads showing an empty expanse of blue sky, to distinguish themselves from the similar-sounding Goodyear tire company. The tag line was, "See that blimp up in the sky? We're the other guys!"


RadiosEdit

B.F. Goodrich sold radios from the 1930's to the 1950's, under the brand name "Mantola". These radios were actually made by a variety of manufacturers for B.F. Goodrich.

Logo bfgoodrich

B.F. Goodrich Tires Logo. The Goodrich Corporation sold off its automotive tire division in 1988.

GoodrichCar

Goodrich dealer's decorated car in Salt Lake City ca. 1913

Corporate restructuringEdit

Uniroyal Goodrich Tire Co JV.Edit

By 1986 B.F. Goodrich had become an S&P 500-listed company in diverse business, including tire and rubber fabrication. B.F. Goodrich made high-performance replacement tires. [4] In August 1986, one of its biggest competitors in the tire business, Uniroyal Inc., was taken private[5] when it merged with the tire segment of the B.F. Goodrich Company, in a joint venture private partnership, to become the Uniroyal Goodrich Tire Company. B.F. Goodrich Company held a 50% stake in the new tire company.[6]

The new Uniroyal Goodrich Tire Company headquarters was set up at the former B.F. Goodrich corporate headquarters, within its 27-building downtown complex in Akron, Ohio which contained Goodrich's original factory. In the fall of 1987 B.F. Goodrich Company shut down several manufacturing operations at the site, and most of the complex remained vacant until February 1988, when B.F. Goodrich announced plans to sell the vacant part of the complex to the Covington Capital Corporation, a group of New York developers.[7]

In 1987, its first full year of operation, the new Uniroyal Goodrich Tire Company generated almost US$2 billion in sales revenue, with profit of about US$35 million.[6]

However, the merger soon proved to be difficult.[4] In June 1988 B.F. Goodrich sold its 50% stake for US$225 million. The buyers were a group of investors led by Clayton & Dubilier, Inc. a private New York investment firm.[6] [8] At the same time, B.F. Goodrich also received a warrant to purchase indirectly up to 7% of the equity in Uniroyal Goodrich Tire Company.[9]

As part of the June 1988 sale deal, the new privately held tire company acquired publicly held debt of $415 million.[10] [11] [12]

Also in 1988, Michelin Group, a subsidiary of the French tire company Michelin et Cie (Euronext: ML) proposed to acquire the Uniroyal Goodrich Tire Company, and began acquiring a stake.[4]

By May 1990, Michelin Group had completed its buyout of Uniroyal Goodrich Tire Company from Clayton & Dubilier of New York. The deal was valued at about US$1.5 billion.[13] B.F. Goodrich surrendered its 7% warrant to Michelin Group, and received US$32.5 million additional revenue from the sale.[9]

Rohr acquisitionEdit

B.F. Goodrich by then exited the tire business entirely, in line with its plan to build its chemicals and aerospace businesses through reinvestment and acquisitions.[8] In 1997 it acquired Rohr, a maker of jet aircraft engine nacelles (the aerodynamic structures that surround aircraft engines), expanding its presence in integrated aircraft components industry. [14]

Coltec Industries acquisitionEdit

In 1999 it acquired Charlotte, North Carolina-based Coltec Industries for $2.2 billion in stock and assumed debt, making the former tire maker the No. 1 supplier of landing gear and other aircraft parts. [15] The merger meant a headquarters move to Charlotte.[16] In 2001, the Company divested its specialty chemicals business to focus on aerospace and industrial products and, to signify the completion of its transformation, it was renamed Goodrich Corporation and adopted a new logo. [17]

In November 2010, Goodrich opened a large new manufacturing centre in Rzeszow, in Poland.[18]

Takeover by United Technologies Corp.Edit

In September 2011, United Technologies Corporation (NYSEUTX) announced a deal to buy Goodrich for $18.4 billion, paying $127.50 per share and assuming $1.9 billion in debt.[19][20]

BusinessesEdit

Actuation and Landing SystemsEdit

  • Actuation Systems
  • Aircraft Wheels and Brakes
  • Aviation Technical Services
  • Landing Gear
  • Engine Components

Electronic SystemsEdit

  • Sensors and Integrated Systems
  • Engine Control and Electrical Power Systems
  • ISR (Intelligence, Surveillance, and Reconnaissance) Systems

Nacelles and Interior SystemsEdit

  • Aerostructures
  • Interiors
  • Customer Services

Platforms Edit

CivilEdit

MilitaryEdit

Notable former employeesEdit

  • Virgil A. Martin, Los Angeles, California, City Council member (1927–31)

See alsoEdit

ReferencesEdit

  1. (2007) Standard and Poor's 500 Guide. The McGraw-Hill Companies, Inc.. ISBN 0-07-147906-6. 
  2. Filmmaker documents the impact of Hood Rubber on Watertown's Armenian history, Jen Thomas, Wicked Local Watertown, 7 January 2007 (retrieved 8 September 2010)
  3. http://rides.webshots.com/photo/1068618180033356422svmfmu
  4. 4.0 4.1 4.2 Uniroyal, Inc. Eau Claire Plant Records, 1917-1990, UWEC.edu
  5. Jeremy J. Siegel, Stocks for the Long Run, Second Edition, 1998, ISBN 0-07-058043-X
  6. 6.0 6.1 6.2 Uniroyal Goodrich Tire Co reports earnings for Qtr to Sept 30, New York Times Archive, Published: October 14, 1988
  7. COMPANY NEWS; Goodrich to Sell Complex in Akron, AP, New York Times, February 18, 1988
  8. 8.0 8.1 Company News; Goodrich Outlook, REUTERS, New York Times Archive, Published: June 24, 1988
  9. 9.0 9.1 COMPANY NEWS; Goodrich Gains In Uniroyal Sale, REUTERS, New York Times Archive, May 3, 1990
  10. Uniroyal Goodrich Tire Co reports earnings for Qtr to March 31, New York Times Archive, Published: April 25, 1989
  11. FINANCE/NEW ISSUES; Uniroyal Goodrich Sets 2-Part Offer, New York Times Archive, June 17, 1988
  12. Uniroyal Goodrich Tire reports earnings for Qtr to Dec 31, New York Times Archive, Published: February 23, 1990
  13. INSIDE, New York Times, Published: September 23, 1989
  14. FISHER, LAWRENCE M. (September 23, 1997). "Goodrich Plans to Buy Rohr In $789 Million Stock Deal", pp. D2. Retrieved on September 12, 2009. 
  15. "Goodrich in Deal To Add Coltec" (November 24, 1998), pp. C12. Retrieved on September 12, 2009. 
  16. Hopkins, Stella (September 22, 1999). "B.F. Goodrich: No Layoffs Ahead". 
  17. "The 21st Century". Retrieved on September 12, 2009.
  18. "Business briefs". Retrieved on 2010-11-10.
  19. "UTC To Acquire Goodrich For $18.4 B". Retrieved on 2010-10-12.
  20. "United Technologies buying Goodrich in $18.5B deal". Retrieved on 2010-10-12.

Further readingEdit

  • Mansel G. Blackford; B. F. Goodrich: Tradition and Transformation, 1870–1995; 1996, Ohio State University Press; ISBN 0-8142-0696-4.

External linksEdit


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