Raytheon mulls sale of business aircraft division

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Raytheon has said it wants to dispose of its business aircraft division as it concentrates on military contracts.

In its second quarter results released today, the company says it "intends to explore strategic alternatives for Raytheon Aircraft (RAC)", which may include a "sale of the business, an initial public offering or spin-off to shareholders or some combination thereof".

The company says there "can be no assurance that a transaction involving RAC will occur".

However, Raytheon does not expect Flight Options fractional ownership programme or Raytheon Airline Aviation Services, the company’s commuter aircraft business, to be included in any deal to sell Wichita-based RAC.

Crédit Suisse has been engaged as financial advisor to assist in the process, the company says.

Raytheon will not comment further on any proposals received or any rumours relating to the potential sale.

RAC sales for the quarter increased 8% to $745 million from $687 million in the same period last year.