September 7, 2005, Princeton, NJ--Sensors Unlimited today accepted a $60 million cash offer to merge with Goodrich Corporation (Charlotte, NC). The definitive agreement has been approved by the Boards of Directors of Sensors Unlimited and Goodrich Corporation and is expected to close in the fourth quarter of 2005. The transaction is subject to approval by U.S. regulatory agencies. 2005 sales for the new business 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 shortwave-IR (SWIR) technology. Sensors Unlimited develops indium gallium arsenide (InGaAs) imaging technology--which provides high-quality imaging performance in extremely low light conditions--and has in-house manufacturing capabilities for advanced IR cameras and shortwave IR and near-IR focal-plane arrays.
The company's products have a presence in a variety of markets such as military, security, industrial, commercial, and telecommunications. Applications range from covert surveillance, night vision, and health and safety protocols to historical art inspection. These products align with existing Goodrich positions in intelligence, surveillance, and reconnaissance systems and are expected to create opportunities for additional growth in new and emerging markets.
According to Marshall Larsen, chairman, president and chief executive officer of Goodrich, "This is a strategically important acquisition for our surveillance and reconnaissance business. We continue to build on our growing presence in the defense and homeland security markets. Shortwave-IR sensors and near-IR imaging systems, created with indium gallium arsenide technology, will significantly strengthen our position in the high-growth markets for surveillance and reconnaissance systems as well as homeland-security applications. For example, our DB-110 airborne reconnaissance system, a Goodrich technology currently flying with the U.K.'s Royal Air Force, which will also be flying with Poland's Ministry of National Defense, is capable of leveraging the addition of short wave-IR technology. Our laser perimeter-awareness systems that support emerging homeland-security needs may also incorporate shortwave-IR technology to enhance their capabilities."