Textron Inc has announced that its TRU Simulation + Training Inc subsidiary has reached a definitive agreement to sell some of its non-US businesses to CAE Inc in a US$40 million deal.
The transaction includes the sale of TRU Simulation + Training Canada Inc which includes its Montreal manufacturing operations, as well as ETOPS entities in France and Malaysia and a minority interest in a joint venture in Iceland. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the Q4 of 2020 or early 2021.
The businesses being sold by Textron operate as part of the Textron Systems segment. TRU Simulation + Training Inc and its operations in Tampa, Florida, which remain focused on the development of simulators for Textron Aviation and rotorcraft platforms, are not included in the sale.
CAE provides high tech training and operational support solutions to the civil aviation, defence and security, and healthcare sectors. The company has around 10,000 employees, 160 sites and training locations in over 35 countries.