Strong growth in the aerospace industry was the base for Goodrich's growth. Deliveries of large commercial aircraft increased 42 percent in 1998 over 1997, according to the Airline Monitor, an industry publication. Because half of Goodrich's aerospace sales are replacement parts or maintenance services, any slowdown in new aircraft building will not hurt Goodrich as much as it has in the past, when the company was more reliant on original equipment sales, said Mark Koznarek, an analyst for Midwest Research in Cleveland. Goodrich's late 1997 acquisition of Rohr Inc. in Chula Vista, Calif., is one of the reasons the area company has more replacement parts and services to sell. The newly named Aerostructures Group boosted Goodrich operating income 74.3 percent and sales 10 percent in 1998, according to the annual report.
Nacelles are the cone-shaped housings for jet engines.
Pylons connect the nacelles to the jet bodies and do such things as transport fuel to the engines. Burner said in the annual report. The performance materials side of Goodrich, which represents 30 percent of total sales and 27 percent of total operating income, was essentially flat last year, except for additional sales and profits from a company that was acquired. Excluding the results of Freedom Chemical, which Goodrich bought in March 1998, this segment saw sales increase 1 percent and operating income 4.8 percent.