Manufacturing Industry
Onex completes purchase of Boeing plants
Airline Industry Information, June 17, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
US aircraft manufacturer Boeing Co (NYSE: BA) has completed the sale of its commercial aircraft manufacturing plants in Kansas and Oklahoma to Canadian buyout firm Onex Corp (TSX: OCX.SV).
The Boeing operations in Wichita, Kansas, and Tulsa and McAlester, Oklahoma, were acquired for approximately USD900m in cash and the transfer of certain liabilities. The two companies have also entered into long-term supply agreements.
Boeing and Onex announced the planned sale in February 2005 and Onex confirmed in May that it would proceed with the deal despite problems in agreeing contracts with some employees of the plants.
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