Tue, Oct 09, 2007
No... Not THAT One, At Least Not Yet...
Textron -- parent company of Cessna
and Bell Helicopter, among other aerospace manufacturers --
plans to add United Industrial Corporation to its inventory.
UIC's principal operating subsidiary, AAI Corporation, designs,
produces, and supports aerospace and defense systems, including
unmanned aircraft systems for the US military, prime contractors
and allied nations.
Representatives with UIC tell ANN the board of directors of both
companies approved the terms of the transaction, in which Textron
will acquire all of the outstanding shares of UIC common stock for
$81 per share in cash by way of a tender offer, followed by the
merger of a wholly owned subsidiary of Textron into UIC, with UIC
surviving the merger as a wholly-owned subsidiary of Textron.
The tender offer is expected to commence on or about October 16,
2007. The deal is expected to close during the fourth quarter of
2007, subject to the completion of required legal and regulatory
requirements. The total value of the acquisition is expected to be
approximately $1.1 billion at closing.
"This is an exciting new chapter for United Industrial. We have
gained a solid reputation in our market niches and believe the
merger with Textron will be a win-win for our customers and
employees. It will allow us to be even more effective in delivering
leading-edge innovative solutions to a growing list of satisfied
customers," stated Frederick M. Strader, president and chief
executive officer of UIC and AAI Corporation.
Textron may not be done purchasing aircraft companies just yet.
As ANN has reported, the
company's Cessna subsidiary signed a letter-of-intent to purchase
bankrupt Columbia Aircraft Manufacturing late last month.
More News
Airbus Racer Demonstrator Makes Inaugural Flight Airbus Helicopters' ambitious Racer demonstrator has achieved its inaugural flight as part of the Clean Sky 2 initiative, a corners>[...]
A little Bit Quieter, Said Testers, But in the End it's Still a DA40 Diamond Aircraft recently completed a little pilot project with Lufthansa Aviation Training, putting a pair of >[...]
Line Up And Wait (LUAW) Used by ATC to inform a pilot to taxi onto the departure runway to line up and wait. It is not authorization for takeoff. It is used when takeoff clearance >[...]
Contributing To The Accident Was The Pilot’s Use Of Methamphetamine... Analysis: The pilot departed on a local flight to perform low-altitude maneuvers in a nearby desert val>[...]
From 2015 (YouTube Version): Overcoming Obstacles To Achieve Their Dreams… At EAA AirVenture 2015, FedEx arrived with one of their Airbus freight-hauling aircraft and placed>[...]