(Reuters) – Boeing completed a deal this month to sell a diminutive defense subsidiary that makes surveillance equipment for the U.S. military, the company said on Sunday, as the planemaker seeks to shore up its struggling finances.
Boeing (NYSE:) said in a statement that its Digital Receiver technology, which powers wireless equipment used by intelligence services, will be sold to Thales Defense & Security, a division of Europe’s largest defense electronics company, Thales SA.
Boeing did not disclose the terms of the deal.
The Wall Street Journal reported on Sunday that Boeing had agreed to offload a diminutive defense subsidiary, without naming the entity.
Last week, Boeing said it could raise as much as $25 billion in equity and debt as its investment-grade credit rating is at risk due to production delays, safety problems and a month-long strike in the U.S. heartland of the plane industry.
Striking workers at a Boeing factory on the West Coast, most of them in Washington state, will vote Wednesday on a novel contract proposal that could end a strike that has halted production of the 737 MAX, 767 and 777 jets.
