<<Rockwell to Change Name to Rockwell Automation Following Spin-off of Avionics Business; Avionics Business to be Called Rockwell Collins
February 19, 2001 11:01:00 AM ET
MILWAUKEE--(BUSINESS WIRE)--Feb. 19, 2001-- -- Companies to Share Ownership of World-Class Rockwell Science Center --
Rockwell International Corporation ROK announced today that it will change its name to Rockwell Automation to better reflect the company's business focus after the completion of the planned spin-off of Rockwell Collins, the company's avionics business, as an independent publicly-traded company. The company also announced that Rockwell Collins will continue to use the Rockwell Collins name.
Don H. Davis, Rockwell's chairman and chief executive officer, said, "Rockwell Collins and Rockwell Automation are each widely recognized brands within their respective industries. We believe both companies will benefit from maintaining the considerable equity built up in these names over the past many years."
Rockwell also announced today that it will establish the Rockwell Science Center as an independent company owned jointly by Rockwell Collins and Rockwell Automation. Once the spin-off of Rockwell Collins is completed, Rockwell may seek additional investors for the Science Center that bring with them the right mix of complementary financial and technological resources, along with a proven track record in building successful high technology companies. The goal is to preserve the world-class research and development capabilities of the Science Center for Boeing, Conexant, Rockwell Automation, Rockwell Collins, the U.S. Government and all its other customers. At the same time, we believe this approach will also enhance the Science Center's ability to commercialize its discoveries and become a major technology company in its own right.
Mr. Clay M. Jones, who is currently President of Rockwell Collins, said, "We believe this approach will help the Rockwell Science Center continue to perform its world class technical work, meet its existing commitments to customers, and position it for an exciting future that will enable it to continue attracting and retaining some of the world's finest scientists."
Mr. Davis added, "These decisions underscore the progress we are making toward completing the spin-off and the excitement we have for each of these businesses. We are proceeding as planned and remain on track to complete the Rockwell Collins spin-off in June of this year." Rockwell Automation
Rockwell Automation, a business of Rockwell International Corporation ROK, brings together leading brands in industrial automation, including Allen-Bradley(R) controls, Reliance Electric(R) power transmission products, Dodge(R) mechanical power transmission components, and Rockwell Software(R) control software. Rockwell Automation's unique Complete Automation(TM) strategy of helping customers achieve a competitive advantage through world class products, systems, and value-added services is supported by thousands of business and technology partners around the world. For information about Rockwell Automation, go to rockwellautomation.com. Rockwell Collins
Rockwell Collins, with headquarters in Cedar Rapids, Iowa, designs, produces, markets and supports communication and aviation electronics for commercial, military and government customers. The business employs approximately 16,000 people worldwide. For information about Rockwell Collins, go to collins.rockwell.com. About Rockwell>> |
