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| Formerly |
|
|---|---|
| Company type | Public |
| NYSE: GR | |
| Industry | Aerospace |
| Founded | 1870; 155 years ago (1870) Akron, Ohio U.S. |
| Founder | Benjamin Franklin Goodrich |
| Defunct | July 26, 2012; 13 years ago (2012-07-26) |
| Fate | Acquired byUnited Technologies Corporation Tire division sold toMichelin |
| Headquarters | , |
Key people | Marshall Larsen (chairman & CEO) |
| Products |
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| Website | www |
TheGoodrich Corporation, formerly theB.F. Goodrich Company, was an American manufacturing company based inCharlotte, North Carolina. Founded inAkron, Ohio in 1870 asGoodrich, Tew & Co. byBenjamin Franklin Goodrich, the company name was changed toB.F. Goodrich Company in 1880, toBFGoodrich in the 1980s, and toGoodrich Corporation in 2001. Originally a rubber manufacturing company known for automobile tires, the company diversified its manufacturing businesses throughout the twentieth century and sold off its tire business in 1986 to focus on its other businesses, such asaerospace and chemical manufacturing. TheBFGoodrich brand name continues to be used byMichelin, who acquired the tiremanufacturing business in 1988. Following the acquisition byUnited Technologies in 2012, Goodrich became a part ofUTC Aerospace Systems.
In 1869, Dr. Benjamin Franklin Goodrich purchased the Hudson River Rubber Company, a small business inHastings-on-Hudson, New York. The following year Dr. Goodrich accepted an offer of $13,600 from the citizens ofAkron, Ohio, to relocate his business there.
The company grew to be one of the largest tire and rubber manufacturers in the world, helped in part by the 1986 merger withUniroyal (formerly theUnited States Rubber Company). This product line was sold toMichelin in 1988, and more than a decade later the company merged withRohr (1997), Coltec Industries, andTRW Aeronautical Systems (formerlyLucas 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, of which 18%, 16% and 12% of total revenues were accounted for by the U.S. government, Airbus and Boeing, respectively.[1]
In 1988, the Goodrich Corporation sold its tire business and rights to the Goodrich name to French companyMichelin. During the 1970s, Goodrich ran television and print ads to distinguish themselves from the similar-soundingGoodyear tire company. The tag line was, "We're the other guys. Remember?" The company was also sometimes confused withMr. Goodwrench as the two last names were similar, especially since B.F. Goodrich tires were featured on manyGeneral Motors cars and trucks.
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In 1869 Dr. Benjamin Franklin Goodrich purchased the Hudson River Rubber Company, a small business inHastings-on-Hudson, New York. The following year Goodrich accepted an offer of $13,600 from the citizens ofAkron, Ohio, to relocate his business there.[2]
In 1909, the company constructed a 12-story building with a facade influenced byJacobean Revival style andVienna Secession for its New York Headquarters, located at 1780 Broadway, New York. which is now become one of the historical landmarks.
In March 1912, theDiamond Rubber Company, founded by the owner of theDiamond Match Company, was bought out by and merged with the B.F. Goodrich Company. The Diamond brand name and product line were retained and a subsidiary Diamond Rubber Company created for the marketing and manufacturing of them.[citation needed]
The company helped found and start theYokohama Rubber Company on Oct 13, 1917, in a joint venture between Yokohama Cable Manufacturing and B.F. Goodrich.[3]
B.F. Goodrich sold radios from the 1930s to the 1950s, under the brand name "Mantola". These radios were actually made by a variety of manufacturers for B.F. Goodrich.[citation needed]
In 1936, the company entered the Mexican market in a joint venture, Goodrich-Euzkadi (now part ofContinental AG).[citation needed]
Goodrich ranked 67th among United States corporations in the value ofWorld War II military production contracts.[4]
TheTroy, Ohio plant was purchased in 1946 fromWaco. 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 theaerostructures divisions of companies such asHoneywell,Messier-Bugatti,Aircraft Braking Systems, (Howmet/Huck) andSNECMA. TheHood Rubber Company was sold before the Great Depression[5] as a division of the B.F. Goodrich Company.[6]
By 1986, B.F. Goodrich had become anS&P 500-listed company in diverse business, including tire and rubber fabrication. B.F. Goodrich made high-performance replacement tires.[7] In August 1986, one of its biggest competitors in the tire business,Uniroyal Inc., was taken private[8] when it merged with the tire segment of the B.F. Goodrich Company, in a joint venture private partnership, to become theUniroyal Goodrich Tire Company. B.F. Goodrich Company held a 50% stake in the new tire company.[9]
The new Uniroyal Goodrich Tire Company headquarters was established at the former B.F. Goodrich corporate headquarters, within its 27-building downtown complex inAkron, Ohio which contained Goodrich's original factory. In the autumn 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. The complex is now known as Canal Place.[10]
In 1987, its first full year of operation, the new Uniroyal Goodrich Tire Company generated almost $2 billion in sales revenue, with profits of $35 million.[9]
The merger soon proved to be difficult.[7] In June 1988 B.F. Goodrich sold its 50% stake for $225 million. The buyers were a group of investors led byClayton, Dubilier & Rice a private New York investment firm.[9][11] 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.[12]
As part of the June 1988 sale deal, the new privately held tire company acquired publicly held debt of $415 million.[13][14][15]
Also in 1988, Michelin Group, a subsidiary of the French tire companyMichelin et Cie proposed to acquire the Uniroyal Goodrich Tire Company and took actions towards acquiring a stake.[7] 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.[16] B.F. Goodrich surrendered its 7% warrant to Michelin Group, and received $32.5 million additional revenue from the sale.[12]
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.[11] In 1997, it acquired Rohr, a maker of jet aircraft enginenacelles, expanding its presence in integrated aircraft components industry.[17]
In 1999, it acquiredCharlotte, 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.[18] Headquarters were moved to Charlotte following this merger.[19]
In 2001, the company divested itsspecialty 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 newlogo.[20]
In October 2002, Goodrich acquired TRW Aeronautical Systems, this division was mainly the former Lucas Aerospace activity, mostly based in the UK and France.[21]
In November 2010, Goodrich opened a large new manufacturing centre inKrosnoRzeszow, Poland.[22]
In September 2011,United Technologies Corporation announced a deal to buy Goodrich for $18.4 billion, paying $127.50 per share and assuming $1.9 billion in debt.[23][24]
On July 26, 2012, United Technologies Corporation purchased Goodrich. Unsold divisions ofHamilton Sundstrand and Goodrich were then merged to createUTC Aerospace Systems. Rocketdyne, Hamilton Sundstrand's industrial pumps and compressors operations, Clipper Windpower, and UTC Power (United Technologies' fuel-cell business) would be sold off to raise cash for the deal.[25]
On October 16, 2012, United Technologies Corporation secured an agreement to sell the Power Systems division of Goodrich (Twinsburg Ohio, Pitstone Green Buckinghamshire) to Safran for $400 million. The sale of this business unit was a condition that the Chinese competition regulators set in approving UTC's purchase of Goodrich. The Power Systems division had to be divested by December 16, 2012.[26] Ultimately, the sale was completed on 27 March 2013.[27]
In April 2020, the remaining portions of Goodrich became part of theCollins Aerospace subsidiary ofRaytheon Technologies, a firm which resulted from the merger ofUnited Technologies and theRaytheon Company. Raytheon Technologies is now known asRTX Corporation.
and
On Feb 24, 2004, Goodrich restated its fourth-quarter and full-year earnings results for 2003 after Pratt & Whitney notified the company that it was drastically cutting its order for engine casing components.[28]
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