McDonnell to Revamp Finance Business : Aerospace: The firm failed to sell the unit, which will now be refocused to concentrate on aircraft financing.

McDonnell Douglas Corp. has decided to revamp its finance subsidiary rather than sell it, company officials said.

McDonnell spokesman Andrew B. Wilson said the Long Beach-based subsidiary, which drew no buyers after being on the block for several months, will be refocused to concentrate on aircraft financing and commercial-equipment leasing.

“We are still thinking of downsizing and selling off other assets,” Wilson said.

The company already has agreed to sell the finance company’s auto-leasing business. Although other segments of the unit have been discontinued, it still operates a trucking subsidiary, a bank in London and a receivables financing business.

In another development, the defense contractor said it was making more cuts at its missile and electronics divisions.

The company said employees at McDonnell Douglas Missile Systems Co. were told Monday that the work force would be cut 7% by Jan. 24 because of lower-than-expected forecasts for future business. The division employs about 6,200 people in St. Louis and Titusville, Fla.

Division President E. Randy Jayne II said the biggest reductions will come in non-manufacturing jobs.

The company also said 87 workers at its Virginia-based Electronics Systems Co. have been notified that they will lose their jobs this month. The division employs about 5,400 people nationwide.

The latest announcements followed word that the company’s Douglas Aircraft Co. division in Long Beach is chopping more than 1,600 workers because of reduced orders for airliners.