(Reuters) -Boeing closed a deal this month to promote a small protection subsidiary that makes surveillance gear for the U.S. army, the corporate stated on Sunday, because the planemaker appears to shore up its struggling funds.
Boeing stated in an announcement that Digital Receiver Know-how, which makes wi-fi gear utilized by intelligence providers, shall be bought to Thales Protection & Safety, an arm of Europe’s largest defence electronics agency, Thales SA.
Boeing didn’t disclose the phrases of the deal.
The Wall Road Journal reported earlier on Sunday that Boeing had agreed a deal to dump a small protection subsidiary, with out naming the unit.
Final week, Boeing stated it might increase as a lot as $25 billion in inventory and debt as its investment-grade credit standing comes underneath risk from manufacturing delays, security issues and a month-long strike in its U.S. planemaking heartland.
Hanging Boeing manufacturing facility employees on the West Coast, most in Washington state, will vote on Wednesday on a brand new contract proposal that would finish the strike, which has halted manufacturing of the 737 MAX, 767 and 777 jets.
(Reporting by Joe Brock in Los Angeles and Shivani Tanna in Bengaluru; Enhancing by Lisa Shumaker)