Collins Aerospace’s Actuation & Flight Control Business Being Sold
A portion of a company that is Cedar Rapids' largest employer, is being sold to a company in France.
The Corridor Business Journal reports that Safran has announced plans to purchase Collins' Aerospace's actuation and flight control businesses for a whopping $1.8 billion. Whispers of a possible deal first surfaced in June and the two companies announced the purchase agreement late last month. Spaceref.com reports that the deal is expected to close late next year pending regulatory approval.
Collins' actuation and flight control business develops components for commercial and military aircraft and helicopters, according to the CBJ. The actuation and flight control portion of Collins Aerospace employs over 3,700 people in eight facilities in the U.S., Europe, and Asia. Spaceref.com reports that Safran CEO Olivier Andries stated that the deal will "position us more strongly for the next game in play", meaning the next generation of aircraft.
Raytheon merged with United Technologies, the former parent of the company then called Rockwell Collins, in April of 2020 according to the CBJ. The merger formed one of the largest aerospace and defense companies in the world in a deal valued at $135 billion.