Goodrich to Spin Off Unit to Shareholders
Reuters-Aerospace and industrial products maker Goodrich Corp., Charlotte, N.C., announced it will spin off the company's Engineered Industrial Products business to shareholders. The move will create two publicly traded companies, each focused on its own customers, products and markets. The spin-off is expected to be complete in early 2002. According to the plan, Goodrich shareholders will receive one share in the new industrial company for every five Goodrich shares they own as of the record date for the distribution. Goodrich will treat its Engineered Industrial Products segment, which it acquired in 1999 with the Coltec Industries merger, as a discontinued operation beginning in the third quarter of 2001.