MILWAUKEE, WI, December 8, 2000 -- Rockwell International Corporation (NYSE:
ROK) today announced that its board of directors has approved in principle
the tax-free spin-off of its Rockwell Collins avionics and communications
business unit to shareowners. The result of this transaction will be the
creation of two strong, publicly-traded companies, each focused on its own
customers, products and markets.
"As stand-alone, world renowned companies with leading market positions and
outstanding employees, we believe these businesses will be better able to
enhance their strategic positions, serve their customers and create value
for their shareowners," said Don H. Davis, Rockwell's chairman and chief
executive officer.
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The new company, Rockwell Collins, will have annual revenues of
approximately $3.1 billion and will continue to be based in Cedar Rapids,
Iowa. Clay Jones, currently president of Rockwell Collins, will be named
chairman and CEO of the new company.
"This is a great opportunity for Rockwell Collins to capitalize and build on
its consistent record of growth and leading profitability," Mr. Jones said.
"We have extended our market reach through internal growth, as well as
several strategic acquisitions, including the recent purchase of Kaiser
Aerospace and Electronics. Going forward, we will continue to meet our
customer commitments with world-class performance, exploit the benefits of
Lean ElectronicsSM, and aggressively expand our business strategies. I look
forward to continuing to work with the exceptional people at Rockwell
Collins as we begin operating as a stand-alone corporation."
For the full story, point your browser to:
http://www.shareholder.com/rok/news/20001208-28887.htm
73, Hans, K0HB
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