One week later.
The dust has settled and as far as we can tell, the buyout isn't a dream - it's actually true!
Rockwell Collins have bought the buildings and everything. Basically they wanted "in" to the simulation market and bought us as the way of doing it. So we're not competing with any internal division they already have. Which is A Good Thing. I'm in the simulation division so I now work for Rockwell Collins. The benefits are huge. Here's a quick rundown on what we know so far.
RCI have bought building 600 in with the deal. E&S still own 770 and the power substation. The deal was $71.5M. $20m of that goes to the pensions. $18m goes to bonds. $3M went to buying the Spitz planetarium business, which leaves leaves $30.5m. (Spitz are on their knees and have been surviving on fixing old gear for the last two years). E&S have basically ditched simulation - their founding and core business, and are "going it alone" with the laser projector and planetarium business. All the top nobs are staying with E&S - to be a company of about 70 people.
What is interesting about all this is that the local press ran a story claiming E&S were going back to their roots. This is totally wrong. E&S roots are in 3d graphics and simulation. Ditching that and going for new projector technology and planetariums isn't going back to their roots - it's basically a startup company.
We (Rockwell Collins) on the other hand now have an integrated system with our own full-motion simulators, radar, EGPWS, TCAS and sensor system to go with the visual. We have 17,500 employees and make about $3.56bn (with a "B") a year in sales. Oh and we put man on the moon. And built the space shuttles. And the B1-B bomber. And most in-seat entertainment systems on civil airliners. etc. etc. ad nauseum.
I know which side I'd rather be working on. You cannot believe the difference in people's attitude around here now. It's like night and day compared with the last couple of years.
Rockwell Collins have bought the buildings and everything. Basically they wanted "in" to the simulation market and bought us as the way of doing it. So we're not competing with any internal division they already have. Which is A Good Thing. I'm in the simulation division so I now work for Rockwell Collins. The benefits are huge. Here's a quick rundown on what we know so far.
RCI have bought building 600 in with the deal. E&S still own 770 and the power substation. The deal was $71.5M. $20m of that goes to the pensions. $18m goes to bonds. $3M went to buying the Spitz planetarium business, which leaves leaves $30.5m. (Spitz are on their knees and have been surviving on fixing old gear for the last two years). E&S have basically ditched simulation - their founding and core business, and are "going it alone" with the laser projector and planetarium business. All the top nobs are staying with E&S - to be a company of about 70 people.
What is interesting about all this is that the local press ran a story claiming E&S were going back to their roots. This is totally wrong. E&S roots are in 3d graphics and simulation. Ditching that and going for new projector technology and planetariums isn't going back to their roots - it's basically a startup company.
We (Rockwell Collins) on the other hand now have an integrated system with our own full-motion simulators, radar, EGPWS, TCAS and sensor system to go with the visual. We have 17,500 employees and make about $3.56bn (with a "B") a year in sales. Oh and we put man on the moon. And built the space shuttles. And the B1-B bomber. And most in-seat entertainment systems on civil airliners. etc. etc. ad nauseum.
I know which side I'd rather be working on. You cannot believe the difference in people's attitude around here now. It's like night and day compared with the last couple of years.
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