agreed to acquire the aeronautical systems division of
, which will use to money to help separate out its automotive business.
TRW remains a takeover target from
. Northrop Grumman launched a $6.7 billion hostile bid for TRW earlier in the year. BAE, looking to expand in North America, last week said it is looking at making a rival offer.
TRW said it will report Aeronautical Systems as a discontinued operation and expects second quarter earnings per share from continuing operations between 98 cents and $1, excluding unusual items.
Goodrich plans to finance the deal with a combination of debt and equity-linked securities. TRW's Aeronautical Systems, based in Solihull, Britain, had 2001 revenue of $1.1 billion and earnings before interest, tax, depreciation and amortisation before special items of $180 million.