(GR) Goodrich Provides Terrain-Referenced Navigation for Airbus

Goodrich Corporation (GR) has been selected by Cassidian to provide the TERPROM terrain referenced navigation (“TRN”) system for the Airbus Military A400M versatile airlifter. Cassidian is part of The European Aeronautic Defence and Space Company N.V. (“EADS”).

EADS, the European owner of aircraft maker Airbus, is a global pan-European aerospace and defense company and a leading defense and military contractor worldwide. The system will be provided by Goodrich’s Sensors and Integrated Systems team in Plymouth, UK.

Goodrich will continue development activities to adapt, fully integrate and qualify the TERPROM system on the A400M beginning in the third quarter 2011. This follows a successful concept phase in which Airbus and Cassidian worked with the Goodrich team to analyze the system’s TRN capability inside the A400M aircraft.

TERPROM is a software-based system that references the actual terrain over which the aircraft is flying. It draws and combines information from the aircraft’s radar altimeter and inertial navigation system with a digital terrain database, to give highly accurate terrain-referenced navigation and on-spot awareness.

TERPROM is in use with 14 nations worldwide and deployed in over 5,000 military aircraft. Notable among them include The Boeing Company’s (BA) C-17, and Lockheed Martin Corporation’s (LMT) C-130s.

Goodrich is a global supplier of components and systems for communications and avionics. Most of the company’s products are sold to government and commercial customers that give way to higher volume sales and create economies of scale, thus helping in further winning cost-sensitive government contracts. The company also provides niche equipment, which enjoys a confined rather fixed market until the retirement of the specific model.

The bullish outlook for Goodrich is supported by its geographically-diverse customer mix, its diverse presence in both commercial and business jets, resurgence in commercial aftermarket sales, a strong balance sheet, an incremental dividend and an ongoing share repurchase program.

This is, however, offset by uncertainty in the recovery of the large commercial airplane original equipment market, along with possible defense cutbacks, dependence on international sales, high research and development overheads and regulatory risks. We maintain our long-term Neutral recommendation on the stock.

Based in Charlotte, North Carolina, Goodrich Corporation supplies components, systems and services to the commercial, regional, business and general aviation markets in the U.S. and in other parts of the world. Goodrich also supplies aircraft and satellite systems to the global military and space markets. Goodrich’s products and services are principally sold to customers in North America, Europe and Asia.

Goodrich presently retains a short-term Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on the stock.

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