At Least That's How SPEEA Sees It

We're seeing a number of signals that indicate Boeing is close to selling its commercial aircraft facility in Wichita, KS.

For instance, Boeing CEO Harry Stonecipher had a chance encounter with Congressman Todd Tiahrt (R-KS). The congressman asked him about the pending sale of the plant. According to Tiahrt's media aide, as reported in the Wichita Eagle, Stonecipher said he hoped a final deal would be hammered out this week.

Ah, but who's the groom in this corporate wedding?

To hear members of the plant's second-largest union tell it, it's Onex.

We've heard that before. As ANN reported in November, Onex emerged as a leading contender after British-owned GKN pulled out of talks to buy the Wichita plant, as well as those in Tulsa and McAlester, OK.

Onex, based in Toronto, is a fast-growing investment firm with diverse holdings that include Loew's Cineplex theaters and Magellan Health Services. Onex also made a bid for financially troubled Air Canada a few years back, failing in its hostile attempt to obtain a majority stake in the airline. The two companies have since kissed and made up. Onex now runs Air Canada's frequent flyer reward program.

SPEEA, the Society for Professional Engineering Employees in Aerospace, is the second-biggest union at Boeing's commercial plant in Wichita. According to the Wichita Business Journal, its members are circulating a memo detailing sightings of Onex CEO Nigel Wright "in the administration building."

"We still believe there could be other investors," SPEEA's Midwest Director Bob Brewer told the Business Journal. "If you take a look at their portfolio, Onex doesn't own 100 percent of much of anything that we can tell. That leads me to believe there are other investors involved. To what extent we won't know until everything is released."

FMI: www.boeing.com, www.onex.com