agreed to sell its Performance Materials business for about $1.4 billion to an investor group led by
Goodrich, which said the sale will complete its transformation into an aerospace and industrial products company, will receive $1.2 billion in cash and $200 million in debt securities.
The company, which is based in Charlotte, N.C., expects revenue of $4.4 billion in 2000, and full-year earnings from continuing operations of about $2.91 a share, excluding items. Analysts expect the company to earn $3.30 a share for 2000, according to
First Call/Thomson Financial
, but that estimate includes results from the Performance Materials business.
Shares of BFGoodrich were recently trading up $2.88, or 8.5%, to $36.81 in
New York Stock Exchange