Rockwell Plans to Acquire B/E Aerospace Won’t Undermine Zodiac’s Strong Seat and Cabin Business Case
We believe Rockwell Collins plans to acquire cabin and seat supplier B/E Aerospace are primarily for defensive reasons, and the transaction will not undermine our thesis for strong operational margin expansion at narrow-moat Zodiac. We believe Zodiac, together with B/E, will continue to dominate the seats and cabin markets (estimated combined market share of 70%), as only these firms can handle the large production volumes and customisation demands from Boeing, Airbus, business jet manufacturers...Zodiac SA. Zodiac Aerospace SA is a France-based aeronautical company engaged in the development of aerospace equipment and systems for commercial, regional and business aircraft, as well as helicopters and space applications. It is structured into three business sectors: Cabin Interiors Segment, which designs and markets seats and cabin fittings, as well as supplies complex sanitary and food equipment; Aircraft Systems Segment, engaged in fields, such as fuel circulation, oxygen & life support, electrical power management, cockpit controls and displays, lighting and actuators, hydraulics and controls, as well as environment control systems; and AeroSafety & Technology Segment, which offers emergency evaluation systems, emergency arresting, interconnect, parachute and protection systems, elastomeric technologies & systems, telemetry, telecommunications and airbags.
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