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CHARLOTTE, N.C., July 20, 2010 /PRNewswire-FirstCall/ -- FARNBOROUGH AIRSHOW -- Goodrich Corporation (NYSE:GR) and Mubadala Aerospace, a business unit of Mubadala Development Company, today signed a heads of agreement (HOA) to establish a joint venture company in the United Arab Emirates (UAE) to perform maintenance, repair and overhaul (MRO) work on landing gear. The joint venture company would be the Middle East’s first dedicated landing gear service provider once fully operational in 2012. The joint venture is subject to negotiation and execution of the definitive joint venture agreement.
The HOA was signed during the Farnborough Airshow by Mike Brand, president, Goodrich Landing Gear and Homaid Al Shemmari, executive director of Mubadala Aerospace. The signing was also attended by Troy Lambeth, the chief executive of Mubadala’s recently established spare engine and rotable leasing subsidiary, Sanad Aero Solutions (Sanad).
Under the terms of the HOA, the joint venture company will provide MRO services and rotable support for landing gear on commercial aircraft with its primary focus on customers in the Middle East region. Sanad is expected to play a key role in supporting the joint venture company with rotable landing gear assets. The company will initially support both Boeing and Airbus commercial aircraft, including the A380 and B777 models, with plans to extend to other commercial and military markets. The facility will be based in Al Ain in the Emirate of Abu Dhabi, alongside other Mubadala Aerospace companies including Strata, the composite manufacturing facility and AMMROC, the military MRO center.
Commenting on the agreement, Brand said, "This represents a significant commitment to our customers in the fast-growing Middle East region. By combining the original equipment and MRO expertise of Goodrich with Mubadala’s growing aerospace network and rotable asset leasing, we can truly provide an improved value to customers in the region."
Al Shemmari said, "This agreement emphasizes the continued development of Mubadala Aerospace’s global MRO network. In Goodrich we have a relationship with one of the world’s top aerospace companies that brings their expertise to a new regional hub in the Middle East. The UAE already has the world’s largest wide body fleet in the region and the new facility will deliver much needed landing gear capability for our existing and future customers."
Goodrich technology for commercial and military aerospace and defense applications will be on display at the 2010 Farnborough Airshow. Visit the company’s pavilion at OE4, located between hall 1 and chalet rows A and B.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com/.
Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.
About Mubadala Development Company
Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the management of partnerships and long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and contribute to the growth and diversification of its economy.
Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors including aerospace, energy, healthcare, industry, information communications and technology, infrastructure, real estate and hospitality. For more information about Mubadala please visit www.mubadala.ae.
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