Manufacturing Industry
Boeing to sell piece of jet-building operations.(Manufacturing News)
Production Technology News, March, 2005
Boeing Company, under fierce competition from European rival Airbus, will sell a key pan of its commercial jet-building operations and a rocket engine unit under two separate deals worth approximately $2 billion. The deals to sell off manufacturing capacity and cut costs show a more aggressive business approach toward Airbus, currently the world's top aircraft maker in the commercial airline market.
The commercial plane manufacturing operations in Kansas and Oklahoma are being sold to Canadian leveraged buyout firm Onex Corp. for $1.2 billion. According to Boeing executives it will result in long-term savings, since Onex will court Airbus as a potential customer. In addition, the new business will enter into a long-term supply agreement with Boeing.
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