Rockwell International Corp has definitive to sell its aerospace and defense businesses to Boeing Co for about $3,200m. Boeing will issue about $860m of new shares and retain $2,165m of Rockwell debt and some of its pension obligations. Prior to the deal, Rockwell will transfer its automation, avionics, communications, semiconductor systems and automotive components systems […]
Rockwell International Corp has definitive to sell its aerospace and defense businesses to Boeing Co for about $3,200m. Boeing will issue about $860m of new shares and retain $2,165m of Rockwell debt and some of its pension obligations. Prior to the deal, Rockwell will transfer its automation, avionics, communications, semiconductor systems and automotive components systems businesses to a new company, which will keep the Rockwell name. Shares of the new Rockwell will be distributed to Rockwell holders just before the merger of the old Rockwell with Boeing takes effect. Shares in new Rockwell will be distributed on a one-for-one basis. The new name of the acquired units will be Boeing North American Inc. The Rockwell aerospace and defense units employ about 21,000. Boeing’s defense and space group has 30,000 employees.
