Raytheon, Thales restructure TRS
Raytheon and Thales have concluded the transaction regarding the way the ThalesRaytheonSystems joint venture will be structured by each stakeholder. Company structure transitions are effective immediately.
The ThalesRaytheonSystems joint venture will focus solely on NATO agencies and NATO member nations for the delivery of the Air Command and Control System (ACCS), theatre missile defence, and ballistic missile defence.
Ground-based radars and non-ACCS-related air command and control systems currently within the joint venture portfolio will transition to their parent companies.
The former TRS LLC US Operations is now a wholly-owned subsidiary of Raytheon, Raytheon Command and Control Solutions; and the former TRS SAS French Operations is now a wholly-owned subsidiary of Thales.
As a result of the transaction, Raytheon made a cash payment to Thales in the amount of $90 million and will be recording a tax free gain of approximately $150 million in its second quarter.
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