Quoted from MrBally:
Thanks. Rockwell Collins is now the Collins Aerospace division of United Technologies. And next year it gets swallowed up by Raytheon. So in two years, my Rockwell pension will have a 3rd name.
I used to work for Beechcraft Aircraft when it was owned by Raytheon. I bought cockpit avionics from Collins. Talk about a cluster. Aircraft is a very cyclical industry. Hotter than hell for several years and everybody is choking on overtime and then it turns ice cold and everybody gets laid off.
Olive Ann Beech, co-founder, President, CEO, Chairman, and owner of the whole shebang sold out to Raytheon at the top of the cycle in 1984. She stayed on for several years after the sale and pretty much had Raytheon cowed. And we were still called Beechcraft. Within one week after she died Raytheon changed the name of the company from Beech Aircraft Company to Raytheon Aircraft Company and it was all downhill after that. Raytheon lost its ass on the Beech purchase and went looking for a buyer. The company was finally sold to a partnership consisting of a Canadian company, Onyx, and Goldman Sachs in 2007. Even Goldman Sachs lost on this deal; I remember hearing that the Beech deal was one of only 2 deals that Goldman lost money on. This was an LBO that did not work out.
Goldman and Onyx each put up 30% of the capital required and borrowed the rest. The plan was to take the debt and sell into the bond market. But with the markets collapsing in 2008-2009 there were no buyers. So Goldman got stuck.
Goldman could not unload Beech fast enough and we were finally sold to Textron Aviation--Bell Helicopter, Cessna Aircraft, Beech Aircraft and the Hawker business jet which ceased production in 2008-2009 during the economic meltdown. One week after the Textron take over I was laid off for the last time and retired a few months later; There is not much market for 62 year old aircraft sheet metal workers.
I have two pensions from Beech. I was salaried office wonk for 5 years and was laid off. Goldman Sachs tossed that pension to the Pension Benefit Guarantee Corporation when it took Beech into bankruptcy in 2012. I retrained and rehired into the factory as a sheet metal worker from 2001 to 2014. That was a union job. Goldman tried to throw the hourly pension to the Pension Benefit Corporation as well, and the union said No fkn way. When Textron took Beech off of Goldman's hands it also absorbed the responsibilities on my hourly pension. So, every month I get a pension check from Textron and another from the government owned Pension Benefit Guarantee Corporation. So far, both seem secure.
Back to Raytheon: Raytheon makes its living providing many products and services to the government as a defense contractor; Put another way, Raytheon makes its living sucking on the government tit. Missiles, drug interdiction electronics, all kinds of black ops can't-be-talked-about government stuff. It does quite well. When the government is your major customer it is hard to lose when the sabers are always rattling. Another Geo. H.W. Bush/ Clinton bring-home-the-troops-reduce-the-size-of-the-military, what Greenspan referred to as the Peace Dividend, would not be a good thing for Raytheon. Turning swords into plowshares is not anything Raytheon wants; Peace is bad for business.
Your coming pension, under any name, is most likely going to be secure.