CHARLOTTE, N.C., Sept. 7 -- Sensors Unlimited Inc. (SUI) today accepted a $60 million cash offer to merge with Goodrich Corp., a Charlotte, N.C., supplier of systems and services to aerospace, defense and homeland security markets.
SUI, based in Princeton, N.J., is a developer of indium gallium arsenide (InGaAs) imaging technology, designed for extremely low light conditions, and has in-house manufacturing capabilities for advanced infrared cameras and short-wave infrared (SWIR) and near-infrared focal plane arrays. Its products are made for military, security, industrial, commercial and telecommunications markets for applications including surveillance, health and safety protocols and historical art inspection.
The new business that will result from the merger will become part of Goodrich's existing Optical and Space Systems Div. and will operate at SUI's Princeton facility. SUI will retain its name and its existing 50 employees, who hold manufacturing and engineering positions at that facility.
Marshall Larsen, chairman, president and CEO of Goodrich, said, "Short-wave infrared sensors and near-infrared 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, he said, SWIR technology can be incorporated into Goodrich's DB-110 airborne reconnaissance system, which is being used by the UK Royal Air Force, and into its laser perimeter awareness systems, used in homeland security applications
The definitive agreement, announced yesterday, was approved by both companies' boards and is expected to close in the fourth quarter of 2005, subject to customy regulatory approval. The companies said 2005 sales for the new business are expected to be $19 million.
In related news, Finisar Corp., a developer of fiber optic solutions for high-speed data networks, announced today it will realize a gain of approximately $12 million on the sale of its minority interest in Sensors Unlimited pending the closing of the acquisition.
For more information, visit: www.goodrich.com