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Raytheon weighs sale of German compass maker
Unit could be valued at $200 million
Feb. 3, 2022 10:30 am, Updated: Feb. 3, 2022 12:06 pm
Raytheon Technologies, parent of Collins Aerospace, Cedar Rapids’s largest employer, is considering the sale of a navigation systems maker with historical links to Albert Einstein, according to people familiar with the matter.
The defense giant’s Raytheon Anschuetz unit could be valued at about $200 million in a sale, the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and Raytheon still could decide to keep the business, the people said.
A representative for Raytheon declined to comment.
Based in Kiel, Germany, Anschuetz designs and manufacturers products including gyrocompasses.
These are used to establish headings at sea as an alternative to more common compasses, which can have magnetic fields distorted by ships’ steel hulls. Dr. Hermann Anschuetz-Kaempfe invented the first such device in 1904 and two decades later his company would develop a two-gyrosphere compass with the physicist Einstein.
Raytheon acquired Anschuetz and Co.’s portfolio of nautical and cinema products in 1995, according to its website.
It’s been making divestitures following an-all stock merger with United Technologies Corp. in 2020.
In September, Raytheon sold defense training and professional services operations to Vertex Aerospace for an undisclosed amount.
Raytheon, which began as a refrigeration company in 1922, is today centered on four divisions — Collins Aerospace; engine maker Pratt and Whitney; Raytheon Intelligence and Space; and Raytheon Missiles and Defense.