The Boeing logo at the 54th International Paris Airshow at Le Bourget Airport near Paris, on June 18, 2023.Benoit Tessier/Reuters
Boeing closed a deal this month to sell a small defence subsidiary that makes surveillance equipment for the U.S. military, the company said on Sunday, as the plane maker looks to shore up its struggling finances.
Boeing said in a statement that Digital Receiver Technology, which makes wireless equipment used by intelligence services, will be sold to Thales Defense & Security, an arm of Europe’s largest defence electronics firm, Thales SA.
Boeing did not disclose the terms of the deal.
The Wall Street Journal reported earlier on Sunday that Boeing had agreed a deal to off-load a small defence subsidiary, without naming the unit.
Last week, Boeing said it could raise as much as $25 billion in stock and debt as its investment-grade credit rating comes under threat from production delays, safety problems and a month-long strike in its U.S. platemaking heartland.
Striking Boeing factory workers on the West Coast, most in Washington state, will vote on Wednesday on a new contract proposal that could end the strike, which has halted production of the 737 MAX, 767 and 777 jets.