Presidents Ponderings by Tommy Dodson
A Message From Our President…
In April when we last met, RockwellCollins had just completed the acquisition of B/E Aerospace. This was the largest acquisition in the history of RockwellCollins and significantly increased the company’s portfolio in the Cabin of the aircraft including seats, galleys, lavatories and other cabin systems. Who would have guessed that just five months later RockwellCollins would be acquired by United Technologies in the largest aerospace acquisition in history? Wow!
On September 5, 2017, United Technologies announced that it had reached a definitive agreement to acquire Rockwell Collins for $140 per share (2/3’s in cash and 1/3 in UTX stock) or $23 billion which grows to $30 billion if you include the assumption of Rockwell Collins debt. The Collins business’s will be combined with the United Technologies aerospace business and renamed Collins Aerospace Systems. Great news that our Collins brand lives on in the new organization. Also, Kelly Ortberg the current Chairman, President and CEO of Rockwell Collins will be the CEO of the newly established group. The deal is expected to close in the third quarter of 2018.
Additionally, we have been getting questions on the acquisition by United Technologies and I will overview some of the key aspects of the deal that are on the public record. Details will continue to come out in support of the proxy material which will be provided in the coming months to allow the required approvals by share owners and regulatory authorities. I have contacted the RockwellCollins service center and they have confirmed that the acquisition will not impact the pension and medical benefits you have been questioning. If you participate in the 2005 Non-Qualified pension and savings plan you should have received notice from the company on receiving a lump sum payment option due to the potential change of control. I recommend you contact the RockwellCollins service center at 800-236-3071 for any questions or clarifications you may have. If you still own RockwellCollins stock be sure to look for proxy material in the coming months which the company must provide before the required share owner approval process. The RockwellCollins website is also a good source of information. Under the investor relations tab you can find all the SEC filings related to the sale.
I look forward to seeing you at our October meeting and we have an exciting session planned, highlighted with Andy sharing the latest status from the Richardson business.
Member contributions received at the meetings continue to play a major role in offsetting the expenses of this organization. When the baskets are passed please be generous.
Another way to help RCRA is to purchase an ad on this site. Any RCRA officer can help you with the details.
New Retirees & Obituaries
Due to privacy concerns, Rockwell Collins does not directly release the names and contact information of employees retiring. Therefore, it is up to us (all of you and me) to take notice of those retiring and report that information to the RCRA leadership. Please provide name and contact information of new retirees by email or phone to the RCRA officers. See the Contacts & Links page for phones. Email: email@example.com.
We ask you to notify one of the officers of obituaries/death notices for our members and send a copy to our email account (firstname.lastname@example.org) to aid in distribution of that information to our members.
In 2015, Jerry Henninger, a past president of RCRA, engaged his business partner Lance Ochs to develop, maintain, and host the RCRA website, http://www.rcretirees.com. Today, Lance continues to host the website but we’ve transitioned development to Bill Zeigler and on-going maintenance to Eric Pearson. We thank Jerry and Lance for the initial development and for hosting our web site. We also thank Bill & Eric for taking the initiative to reorganize and update the website.
RCRA Meeting is Coming!
Thursday – April 19, 2018
9:00am Social Hour
10:00am Business Meeting
Richardson Civic Center
411 W. Arapaho Road 75080
For planning, our meetings are scheduled on the third Thursday of April and October each year. You can mark you calendar now to reserve the dates.
Next Meeting - April 19, 2018
For Those Wanting More Information on the Merger
Press the button above to find a complete listing of Rockwell Collins SEC filings. As the merger progresses, the company and executives are required to make disclosures of pertinent information related to the merger.