DeCrane sells Wichita operations to Goodrich
DeCrane Aerospace is selling its Wichita operations — Precision Pattern Interiors and PCI Composites — to Goodrich Corp.
The two companies employ more than 500 people in Wichita.
The sale also includes DeCrane's operations in Little Rock; New Albany, Ind.; and Peshtigo, Wis.
The transaction, for about $280 million, is expected to close in the next 30 days and is subject to government approvals.
DeCrane's headquarters are in Wichita, the largest of DeCrane's holdings.
DeCrane will keep its PATS Aircraft Systems, in Georgetown, Del., which will operate as a stand-alone business.
DeCrane is owned by a private equity investment bank, which has been looking for a buyer for the operations.
"We've been pursuing that for some time," said DeCrane spokeswoman Heidi McNary. "A lot of people were interested, and Goodrich was a good fit for the company."
DeCrane plans to use most of the sale proceeds to repay outstanding debt and redeem preferred stock issued by DeCrane, it said.
"This acquisition is an opportunity for Goodrich to add a solid business with excellent market positions in business jet interior systems at an advantageous time in the cycle," said Cindy Egnotovich, Goodrich segment president of nacelles and interior systems, in a statement.
DeCrane's position in the business jet market will allow Goodrich to further support its customers and capture significant growth opportunities as the business-jet market recovers, Egnotovich said.
Precision Pattern, or PPI, at 1643 S. Maize Road, was founded in 1952. It sold to DeCrane in 1998. The company makes custom aircraft interiors, such as cabins, including galleys, cabinets, entertainment and refreshment centers, lavatories, side ledges and tables.
Its sister company, PCI Composites, was founded in 1978 and makes sidewalls, headliners, passenger service units, environmental ducting and window shade assemblies.
This story was originally published August 12, 2010 at 12:00 AM with the headline "DeCrane sells Wichita operations to Goodrich."