Rockwell Spins Off Last of Automotive Businesses

Rockwell International Corp. said Tuesday it has completed the spin-off of its automotive business, ending its conversion from primarily a defense contractor to a player in high-growth electronics.

The new company, Meritor Automotive Inc., was spun off to shareholders and will begin operations as a separately traded public company today.

Don Davis, who will take the reins today as Rockwell’s chief executive officer from retiring Donald Beall, said the company’s long-term goal is to achieve average annual sales growth of 8% and average earnings per share growth of 15%.

In the spin-off, Rockwell share owners received one share of Meritor common stock for every three shares of Rockwell common stock owned as of Sept. 17.

Meritor shares will trade on the New York Stock Exchange under the symbol MRA.