Boeing sells surveillance equipment unit to Thales

Boeing (NYSE:BA) confirmed on Sunday that it had sold its surveillance equipment subsidiary Digital Receiver Technology to Thales Defense & Security, as the planemaker looks to raise cash to overcome its recent crises.

“We recognize that Digital Receiver Technology, complements the capabilities of Thales Defense & Security, Inc. and we look forward to opportunities to work together,” Boeing (BA) said in a statement.

Thales Defense & Security is a unit of French defense electronics and cybersecurity company Thales SA (OTCPK:THLEF) (OTCPK:THLLY).

Boeing (BA) did not disclose the terms of the deal.

The Wall Street Journal had first reported that Boeing (BA) had sold off a small defense subsidiary that makes surveillance equipment for the U.S. military.

Earlier in the week, the planemaker said it could raise as much as $25 billion in shares or debt in the next three years to bolster its balance sheet after years of heavy losses and avoid ratings downgrades from Moody’s and S&P.

Boeing’s (BA) striking workers will meet on Wednesday to ratify a new proposed contract that could potentially end a month-long strike at the planemaker that has costed the Dow 30 component billions of dollars and has stopped production of its airplanes.