WELLINGTON, Fla.--(BUSINESS WIRE)--July 26, 2006--B/E Aerospace,
Inc. (Nasdaq:BEAV), the world's leading manufacturer of aircraft cabin
interior products and a leading aftermarket distributor of aerospace
fasteners, today announced that it has acquired Draeger Aerospace GmbH
(Draeger), from Cobham PLC of Dorset, England for approximately $80
million. The acquisition which is an all cash purchase will be funded
with cash on hand. The transaction is expected to be modestly
accretive to earnings per share in 2007, the first full year following
the acquisition, and significantly accretive in 2008 and beyond due to
strong manufacturing, research and development, sales and logistics
synergies between our two organizations.
With over 100 years of experience in the oxygen delivery business,
Draeger is a leading supplier of components and integrated systems to
supply oxygen systems for both civil and military aircraft. In the
civil market, Draeger has well-established strengths in both chemical
and gaseous oxygen systems. Draeger, like B/E, is well-positioned on
both Airbus and Boeing aircraft. In the military market, Draeger is
the prime contractor for oxygen systems for the Eurofighter Typhoon,
as well as providing maintenance and repair services for the German
air force's in-service oxygen systems.
The integration of Draeger with B/E's existing oxygen business
will create substantial operating efficiencies for B/E's OEM partners
(Airbus, Boeing and BAe) and will allow B/E to offer the broadest
oxygen system product line in the industry, including passenger and
crew oxygen as well as oxygen storage and distribution.
Draeger's expertise in Chemical Oxygen Systems, Super Integrated
Passenger Service Units (SIPSU) and advanced military oxygen systems
complements B/E's expertise in Gaseous Oxygen Systems, state of the
art oxygen delivery technologies (Pulse(TM) Oxygen) and the industry's
most advanced Crew Oxygen Systems for both the commercial and military
markets. In addition, Draeger's newly developed SIPSU combined with
B/E's oxygen systems will significantly increase B/E's content on the
new Airbus A380 and the Boeing B787.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Such forward-looking
statements involve risks and uncertainties. B/E's actual experience
may differ materially from that anticipated in such statements.
Factors that might cause such a difference include those discussed in
B/E's filings with the Securities and Exchange Commission, including
but not limited to its most recent Form 10-K and Form 10-Q. For more
information, see the section entitled "Forward-Looking Statements"
contained in B/E's Form 10-K and in other filings. The forward-looking
statements included in this news release are made only as of the date
of this news release and, except as required by federal securities
laws, we do not intend to publicly update or revise any
forward-looking statements to reflect subsequent events or
About B/E Aerospace, Inc.
B/E Aerospace, Inc. is the world's leading manufacturer of
aircraft cabin interior products, and a leading aftermarket
distributor of aerospace fasteners. B/E designs, develops and
manufactures a broad range of products for both commercial aircraft
and business jets. B/E manufactured products include aircraft cabin
seating, lighting, oxygen, and food and beverage preparation and
storage equipment. The company also provides cabin interior design,
reconfiguration and passenger-to-freighter conversion services.
Products for the existing aircraft fleet - the aftermarket - generate
about 60 percent of sales. B/E sells and supports its products through
its own global direct sales and product support organization. For more
information, visit B/E's website at http://www.beaerospace.com.
CONTACT: B/E Aerospace, Inc.
Director, Investor Relations
561-791-5000 ext. 1450
SOURCE: B/E Aerospace, Inc.