Finance History|11 Wall Street — One Collins Share for Every Rockwell Share and ROK Stayed
· 2001-6
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Finance History|11 Wall Street — One Collins Share for Every Rockwell Share and ROK Stayed
kevin
People treat Rockwell Automation as a Milwaukee controls house that always printed ROK after a finished New York book.
The June 2001 issuer was already public. It was Rockwell International Corporation, the legal successor that had kept the letters ROK after the 1996 aerospace sale to Boeing.
A company tax letter dated 3 July 2001 records the next cut. On 29 June 2001 Rockwell distributed every outstanding share of Rockwell Collins, Inc. to holders of Rockwell common stock.
Each holder of record at the close on 15 June 2001 received one Collins share for every Rockwell share. Collins opened on the New York Stock Exchange on 2 July 2001 under the letters COL.
The same letter allocated tax basis from that first session: 39.66 percent to the remaining Rockwell shares and 60.34 percent to the new Collins shares, using the New York composite high-low averages for 2 July 2001.
MarketWatch, writing that afternoon, put Collins at 23.66 dollars and Rockwell at 14.70 dollars after the distribution.
Shareowners approved the legal name Rockwell Automation at the annual meeting on 6 February 2002. The New York letters stayed ROK.
The present tape is ROK on the New York Stock Exchange.
The mechanism is a one-for-one avionics spin-off. The automation book kept the old ticker while a second New York tape took the flight-deck business away.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints ROK.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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