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Aerospace & Defense News: Boeing CFO to Retire; Honeywell Buys Footwear Maker
Tuesday, November 1, 1:07 PM ET

Boeing (NYSE:BA) said today its chief financial officer James Bell has decided to retire from the company as of April 2012.

Boeing's board has tapped corporate controller Greg Smith to succeed Bell as of February. The two will work together to ensure a smooth transition, Boeing said.

Bell has been CFO since 2003.

Shares are trading down 3.1% Tuesday.

Also today, Honeywell (NYSE:HON) said it had agreed to acquire safety footwear maker King's Safetywear Limited, for $338 million.

The Singapore-based company has estimated 2011 sales of $138 million.

The transaction is expected to be accretive to Honeywell earnings in 2012, following a regulatory review and closing conditions.

Honeywell shares are trading down 2.5% Tuesday.

The Aerospace & Defense Portfolio (AMEX:PPA), with Honeywell as its top holding and Boeing as its #3, is trading down 2.9% Tuesday.

United Technologies (NYSE:UTX), Lockheed Martin (NYSE:LMT) and General Dynamics (NYSE:GD) round out the top five holdings in the fund.

The iShares Dow Jones U.S. Aerospace & Defense Index Fund (AMEX:ITA), with Boeing as its #2 holding, is trading down over 2.7%.

For MarketNewsVideo.com, I'm Kristin Bianco.

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