Thu, Jul 01, 2004
Sold to BAE Systems North America
The Boeing Company Wednesday said it
is selling to BAE Systems North America its Commercial Electronics
unit based in Irving (TX). The Commercial Electronics business will
become part of BAE Systems' Platform Solutions Sector, which
provides a broad range of capabilities and products for commercial
and military aircraft.
Boeing did not disclose terms of the agreement. The sale
includes all of the unit's operations and the service center at the
Irving facility; the London and Singapore service centers; and
certain portions of the unit's operations in Puget Sound.
Approximately 800 people work for the unit, most of them in
Irving.
"In July 2003 we announced our intention to seek a buyer for the
Commercial Electronics business, one who would enjoy a long-term
relationship with Boeing in designing, building, and servicing
high-quality electronic products. I believe we have found the right
buyer in BAE Systems to fulfill that goal," said Mary Armstrong,
vice president and general manager of Boeing Commercial Airplanes
Fabrication Division. "BAE Systems also is a good corporate citizen
in the communities where it operates."
The sale supports the strategy of Boeing to focus its operations
on large-scale systems integration activities.
The Commercial Electronics unit
designs, manufactures and supports a wide range of commercial
aerospace avionics products used on nearly all Boeing commercial
airplane programs. As part of the sale, Boeing entered into a
single-source supply agreement with BAE Systems.
"Boeing Commercial Electronics is a widely respected and highly
capable organization, and we are delighted that it will become part
of BAE Systems," said James Scanlon, Platform Solutions Sector
president. "Commercial Electronics' strengths are highly
complementary with our existing commercial business, and this
acquisition will greatly enhance our partnership with Boeing
Commercial Airplanes."
Closing of the sale is expected sometime in the third quarter of
2004, subject to regulatory approvals. Morgan Stanley acted as
Boeing's advisor on this transaction.
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