Textron Inc. (NYSE: TXT) today announced that its TRU Simulation + Training Inc. subsidiary has reached a definitive agreement to sell certain of its non-U.S. businesses to CAE Inc., a global high-technology leader in training for civil aviation, defense and security, and healthcare, for a cash consideration of US$40 million, excluding post-closing adjustments.
Included in the transaction is the sale of TRU Simulation + Training Canada Inc., which includes its Montreal manufacturing operations, as well as ETOPS entities in France and Malaysia and a minority interest in a joint venture in Iceland. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the 4th Quarter of 2020 or early 2021. The businesses being sold by Textron operate as part of the Textron Systems segment. TRU Simulation + Training Inc. and its operations in Tampa, Florida, which remain focused on the development of simulators for Textron Aviation and rotorcraft platforms, are not included in the sale.
Date: Nov 25, 2020