One of Eastern Iowa’s Largest Employers Has Been Sold…Again
The city of Cedar Rapid's largest employer is about to be sold again, this time 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.
Collin's actuation and flight control business develops components for commercial and military aircraft and helicopters, according to the CBJ. The company employs over 3700 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.
Ratheon 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.