Boeing Sells Off Aircraft Plants

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Boeing has sold its commercial aircraft-manufacturing plants in Wichita and Oklahoma to Onex, a Canadian-based investment group, for about $900 million, Boeing announced on Tuesday. The plants will continue to produce structures and parts for Boeing, including the 787 Dreamliner. Onex will invest over $1 billion in Kansas and Oklahoma in the next few years, said Seth Mersky, an Onex managing director. Boeing Commercial Airplanes CEO Alan Mulally said in a news release, "Boeing will benefit from lower procurement costs and the Wichita/Tulsa operations now can grow by winning new business with other customers." Boeing also announced that it has sold its Rocketdyne Propulsion & Power business to Pratt & Whitney for $700 million in cash. Rocketdyne provides booster engines for the space shuttle and the Delta family of expendable launch vehicles, as well as propulsion systems for missile defense systems. The sale includes sites and assets in California, Alabama, Mississippi and Florida.