Thu, Nov 11, 2004
Canada's Onex Appears To Be The Front-Runner
British manufacturer GKN appears to
be out. Now, Boeing is courting Canadian financial giant Onex as a
potential buyer of its commercial facilities in Kansas and Oklahoma
and, by all accounts, that company has money to burn.
For months, Boeing has been looking for a suitable buyer -- a
company that would take on its plants in Wichita (KS), Tulsa and
McAlester (OK). The Wichita Eagle reports GKN walked away from the
deal, but that Boeing is now in final negotiations with Onex.
"We did put in an indicative offer to Boeing regarding the
outsourcing of the Wichita plant, and we do not expect the issue
will be taken any further," said a GKN spokesman in London. He was
quoted by Reuters.
Nobody's talking about this on the
record -- at least, not yet. Some industry analysts say that could
be a sign that there's no deal at all in the works.
There are reports that Onex may not be the only company vying
for the Midwestern commercial plants. The Carlyle Group and its
subsidiary, Vought, are reportedly in the running as are several
other firm. Boeing CEO Harry Stonecipher says he'll have a decision
by the end of the year. Union leaders say they expect an
announcement around Thanksgiving.
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