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News Article

Global defense player to snap up Sensors Unlimited

InGaAs photodetector manufacturer Sensors Unlimited is set to be acquired by Goodrich Corporation, a Fortune 500 company and a big player in the global aerospace industry.

Aerospace and defense system giant Goodrich Corporation is to acquire InGaAs detector specialist Sensors Unlimited (SUI) for $60 million in cash.

Pending US regulatory approval, the deal, which has already been approved by the management of both companies, will see SUI become part of Goodrich's existing optical and space systems division, which is based in Danbury, CT.

Fiber-optic chip manufacturer Finisar, which holds a minority stake in SUI, is set to gain $12 million when the sale is closed, which is expected before the end of the year.

Headquartered in Charlotte, NC, Goodrich makes a huge range of aerospace products, from engine control systems to landing gear, and boasts that its products can be found on almost every aircraft in the world.

And while SUI describes the switch in ownership as a merger, there is no doubt which is the dominant partner. Goodrich s 2004 sales were worth almost $5 billion, compared with SUI s $19 million.

Marshall Larsen, the Goodrich CEO, says that the InGaAs sensors made by SUI could be incorporated into its airborne reconnaissance systems, which are already used by the UK's Royal Air Force and also are set to fly with the Polish equivalent.

"SWIR sensors and near-infrared imaging systems, created with InGaAs technology, will significantly strengthen our position in surveillance and reconnaissance systems," said Larsen.

And that's not the only application that could benefit. "Our laser perimeter awareness systems that support homeland security needs may also incorporate SWIR technology," added the CEO.

SUI has a 39,000 square-foot facility in Princeton, NJ, and employs over 50 people in manufacturing and engineering roles.

The company was acquired by Finisar at the height of the photonics boom in August 2000 in a stock transaction valued at a now-incredible $700 million.

SUI regrouped following a management buy-back led by its founder, Greg Olsen, in late 2002 for only $6.1 million.

And Olsen has put some of those proceeds to good use. He's set to become only the third ever privately-funded space explorer later this month with blast-off scheduled for September 30 from the Kazakhstan launch pad en route to the International Space Station.

Olsen, whose space trip had been delayed while an unspecified health condition was remedied, is planning to perform experiments using an InGaAs camera made by Sensors Unlimited while in orbit.

However, the space tourist will end his involvement with SUI once the Goodrich deal has been closed.

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