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Monday, January 8, 2007

Airline Division Not Part Of Raytheon Sale

While Raytheon announced its sale to a new company developed in partnership with GS Capital Partners, an affiliate of Goldman Sachs, and Onex Partners for $3.3 billion, the transaction does not include the company's airline division, Raytheon Airline Aviation Services (RAAS), which supports its Beech 1900 aircraft series that is the backbone of regional Essential Air Service operations, or its Flight Options LLC, its fractional ownership operation. The sale was the culmination of plans announced last summer. The new company sill be known as Hawker Beechcraft Corporation.

The acquisition fits with Onex's aerospace strategy which includes the June 2005, purchase of Boeing's structural components business in Wichita for $1.2 billion, forming Spirit AeroSystems. It launched an IPO recently for that company which yielded $1.4 billion from stock sales. In addition, last April it acquired BAE Systems Aerostructures. That company makes Hawker 800XP subassemblies. Onex is a Canadian buyout firm.

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