CLEVELAND, Dec. 20, 2019 /PRNewswire/ -- TransDigm Group
Incorporated (NYSE: TDG), a leading global designer, producer and
supplier of highly engineered aircraft components, announced today
that it has completed the divestiture of Souriau-Sunbank Connection
Technologies (Souriau-Sunbank) to Eaton Corporation plc (NYSE: ETN)
in a transaction valued at approximately $920 million.
Souriau-Sunbank was acquired by TransDigm in March 2019 as part of the Esterline Technologies
acquisition and is a leading global supplier of highly-engineered
interconnect solutions for harsh environments serving customers
primarily in aerospace, defense and space end markets. The business
is headquartered in Versailles,
France and generated revenues of $363
million for the trailing 12-month period ended June 30, 2019.
Following successful completion of the divestiture, TransDigm
Group announced today that its board of directors has authorized
and declared a special cash dividend of $32.50 on each outstanding share of common stock
and cash dividend equivalent payments on options granted under its
stock option plans. The record date for the special dividend is
December 30, 2019 and the payment
date for the dividend is January 7,
2020.
W. Nicholas Howley, TransDigm
Group's Executive Chairman stated, "Given our solid operating
performance, current liquidity, outlook for steady cash generation,
ongoing expectations, and the recent closures of both the
Souriau-Sunbank and EIT divestitures for more than $1.1 billion, we believe that this is the
appropriate time to declare and pay a special dividend, as we have
done a number of times in the past. The $32.50 special dividend represents a payout of
about 6% of our recent 30-day average stock price and will still
leave us with significant liquidity and the financial flexibility
to meet any likely capital requirements or other opportunities for
the reasonably foreseeable future."
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a
leading global designer, producer and supplier of highly engineered
aircraft components for use on nearly all commercial and military
aircraft in service today. Major product offerings, substantially
all of which are ultimately provided to end-users in the aerospace
industry, include mechanical/electro-mechanical actuators and
controls, ignition systems and engine technology, specialized pumps
and valves, power conditioning devices, specialized AC/DC electric
motors and generators, NiCad batteries and chargers, engineered
latching and locking devices, rods and locking devices, engineered
connectors and elastomers, databus and power controls, cockpit
security components and systems, specialized cockpit displays,
aircraft audio systems, specialized lavatory components, seat belts
and safety restraints, engineered interior surfaces and related
components, lighting and control technology, military personnel
parachutes, high performance hoists, winches and lifting devices,
and cargo loading, handling and delivery systems.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.Words such as "believe,"
"may," "will," "should," "expect," "intend," "plan," "predict,"
"anticipate," "estimate," or "continue" and other words and terms
of similar meaning may identify forward-looking statements. All
forward-looking statements involve risks and uncertainties which
could affect TransDigm's actual results and could cause its actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, TransDigm.
These risks and uncertainties include but are not limited to
failure to complete or successfully integrate the acquisition; that
the acquired business does not perform in accordance with our
expectations; and other factors. Further information regarding
important factors that could cause actual results to differ
materially from projected results can be found in TransDigm's
Annual Report on Form 10-K and other reports that TransDigm or its
subsidiaries have filed with the Securities and Exchange
Commission. Except as required by law, TransDigm undertakes no
obligation to revise or update the forward-looking statements
contained in this press release.
Contact:
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Investor
Relations
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(216)
706-2945
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ir@transdigm.com
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