Chula Vista-based Rohr Inc. on Monday said...
Chula Vista-based Rohr Inc. on Monday said it will not pursue a previously announced joint venture with two Singapore-based companies that would operate a small Rohr unit that manufactures engine coverings for business jets.
Rohr in January said it was pursuing the joint venture with Singapore Aerospace Ltd. and a second Singapore-based company. At the time, industry analysts said the joint venture made economic sense because Rohr was focusing on larger jets, and the business jet segment didn’t fit with Rohr’s strategic plan.
However, Rohr and Singapore Aerospace “agreed the joint venture would be in neither company’s best interest and have decided to discontinue further discussions,” according to a press release issued Monday by the company.
Rohr executives declined to comment further on the abandoned plan.
The business jet unit accounted for about 2% of Rohr’s $1 billion in 1991 annual revenue.
Rohr, which has no plans to seek another joint venture partner, “will continue to produce and develop the (unit) within its existing operations,” according to the release.
The business jet unit has about 50 employees in Riverside and Hagerstown, Md.
Rohr was unchanged at $15.125 in light trading on the New York Stock Exchange on Monday.
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