Goodrich Corp (GR.N) Chief Executive Marshall Larsen found that selling the company he has spent 34 years with was the best strategy to take it to the next level. United Technologies Corp (UTX.N) is paying $16.5 billion for Goodrich, betting that the plane parts maker will help it capitalize on the current upswing in commercial aerospace. After joining Goodrich in 1977, Larsen worked his way up through the jobs of general manager and vice president before becoming chief operating officer in 2002. He became chief executive and chairman in 2003. As CEO, the West Point graduate and ex-Army officer moved manufacturing to lower-cost areas to improve profit margins while going after new sources of revenue. During his time at the helm, sales at Goodrich rose from $4.4 billion in 2003 to nearly $7 billion in 2010.
Goodrich Corporation (Goodrich) is a supplier of aerospace components, systems and services to the commercial and general aviation airplane markets. Shares of GR traded higher by 10.17% or $11.14/share to $120.63. In the past year, the shares have traded as low as $70.39 and as high as $114.50. On average, 1929910 shares of GR exchange hands on a given day and today's volume is recorded at 27893128.
United Technologies Corporation (UTC) is a provider of technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 8.41% or $-6.3/share to $68.57. In the past year, the shares have traded as low as $67.12 and as high as $91.83. On average, 5761180 shares of UTX exchange hands on a given day and today's volume is recorded at 7435674.
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