Rockwell Collins Announces Initial Board of Directors; Company also completes $1 billion senior unsecured revolving credit facility

Rockwell Collins Announces Initial Board of Directors; Company also completes $1 billion senior unsecured revolving credit facility

CEDAR RAPIDS, Iowa (June 04, 2001) - Rockwell Collins today announced the individuals who will serve on its board of directors once the company is spun off from Rockwell (NYSE: ROK). The previously announced spin off of Rockwell Collins is expected to occur on June 29, 2001. The Rockwell Collins stock will trade on the New York Stock Exchange under the symbol COL. The initial board members are:

Donald R. Beall, 62, former chairman and chief executive officer of Rockwell. Beall will serve as the non-executive chairman of the Rockwell Collins board of directors. He served as a director of Rockwell from 1978 to 2001. Beall is also a director of Conexant Systems, Inc. and The Procter & Gamble Co.
Clayton M. Jones, 52, the current president of Rockwell Collins. Jones will serve as president and chief executive officer. He has held increasingly responsible positions within Rockwell since joining the company in 1979.
Joseph F. Toot, Jr., 65, retired president and chief executive officer of The Timken Co. Toot has been a director of Rockwell since 1977. He has served as a Timken director since 1968. Toot is also a member of the Supervisory Board of PSA Peugeot Citroën.
Anthony J. Carbone, 60, vice-chairman of the board of directors and a senior consultant of The Dow Chemical Co. Carbone served as executive vice president of Dow from 1996 to 2000. He has also served as a director of Dow since 1995.
Richard J. Ferris, 64, former co-chairman of Doubletree Corp. and co-chairman of Doubletree Partners from 1993 to 1997. He is the former chairman, president and chief executive officer of UAL Corp., a travel-related services company. Ferris serves on the board of directors of BP Amoco and The Proctor & Gamble Co.

"We are very pleased to announce that these outstanding individuals, with their decades of industry experience, have agreed to join our board," said Jones. "The strength of this board provides ample evidence of the confidence we have in the current and future success of our new company."

Rockwell Collins also announced that it has entered into $1 billion of senior unsecured revolving credit facilities with a group of banks led by J.P. Morgan Securities Inc. The credit facilities are expected to support a commercial paper program. The Collins credit facility and commercial paper has been rated A and A-1 by Standard & Poors.

"The commitment by the banks represents a significant milestone in our preparation to become a stand-alone company," said Jones.

Rockwell Collins, with expected 2001 sales of approximately $2.9 billion, will consist of two global businesses: Commercial Systems, a major supplier of industry-leading avionics, support and in-flight entertainment systems to aircraft manufacturers and airlines worldwide; and Government Systems, a major supplier of advanced communication and aviation electronics to the world’s military forces.

"These two businesses are world-class players in the air transport, regional and business aircraft, and military markets," Jones said. "As a separate company, we have an excellent opportunity to improve customer focus and expand our leadership positions in addressed markets. We have a talented and experienced management team, as well as important technologies, outstanding employees, impressive manufacturing capabilities and a solid track record of quality and global customer service."

Rockwell Collins, with headquarters in Cedar Rapids, Iowa, designs, produces, markets and supports communication and aviation electronics for commercial, military and government customers. The business employs approximately 17,500 people worldwide.

Rockwell International is a $7 billion electronics controls and communications company with global leadership positions in industrial automation, avionics and communications, and electronics commerce. The company employs approximately 40,000 people at more than 450 locations serving customers in more than 80 countries.

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