![]() Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. ![]() Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Note: Pages will open in a new browser windowĮxternal sites are not endorsed by CNNmoney "This is an historic step in the continuing transformation of Rockwell," he said.Īerospace giants in talks - July 30, 1996 Beall said the decision to sell the defense and aerospace businesses fit with a shift in his company's strategic focus to electronics manufacturing that provides higher growth.īeall said the new Rockwell will be virtually debt-free and positioned to make investments in its remaining businesses. Rockwell Chairman and Chief executive Officer Donald R. The deal requires shareholder and regulatory approval. The remainder of Rockwell - including automation, avionics, communications, semiconductors systems and automotive components businesses - will be transferred to a new company that keeps the Rockwell name, and will remain in Seal Beach, Calif., Shares in the new Rockwell will be distributed on a one-for-one basis and listed on the New York Stock Exchange. ![]() His plan is to eventually expand the operations. Rockwell's defense and aerospace units are expected to add $3.2 billion in annual sales to the Boeing Defense & Space Group's current annual sales of $5.6 billion.Ĭondit said there would be some job reductions due to overlapping positions, but added he does not see a need for major cuts. The Rockwell units will become a wholly- owned subsidiary of Seattle-based Boeing and will be called Boeing North American Inc., adding roughly 21,000 workers to Boeing's current defense and space workforce of 30,000. ![]() "This merger accelerates us on our way to achieving our 20-year vision, which calls for Boeing to be a fully integrated aerospace company." "The assets and capabilities we are acquiring are an extremely good strategic fit with our long-term objective of creating shareholder value," Boeing President and Chief Executive Officer Philip Condit said in a statement. In the latest move toward consolidation in the aerospace and defense industry, Boeing agreed to issue $860 million in common stock and retain $2.165 billion in Rockwell's debt along with certain pension obligations. on Thursday said it reached a definitive agreement to buy Rockwell International Corp.'s defense and aerospace units for about $3.2 billion in stock and debt. Aerospace giant to pay $3.2B for Rockwell's defense and space units ![]()
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