Smiths Aerospace, the supplier of flight management systems on the Boeing Business Jet, is poised to become a subsidiary of General Electric after the Smiths Group agreed last month to sell its aviation unit for $4.8 billion. The deal faces scrutiny from U.S. and European regulators, but it is widely expected to close within a few months. GE’s last bid to snatch up a multibillion-dollar firm with deep roots in aerospace involved the aborted merger with Honeywell International. The European Commission scuttled that deal in July 2001 after concerns that the combined mega-conglomerate would wield too much power. GE’s buyout of Smiths Aerospace is seen as a far simpler transaction. Smiths’ involvement in aerospace is limited to the supply of FMS, landing gear, flight controls, thrust reversers and other products for commercial and military aircraft.
GE Announces Deal To Buy Smiths Aerospace for $4.8 Billion
- January 24, 2007, 5:29 AM