Boeing would split up before things got worrisome, BDS would be the bulk of the defense stuff, would likely get bought at some point depending on price, because BDS is doing . . eh, less awful, let's say, than other Boeing divisions. So it wouldn't precisely be a bargain for, say, Raytheon or NG.
BCA would, if things go on their current trajectory, get hoovered up by someone for cheap. Karma option would be Embraer.
In the event of a split, the nine million dollar question is how they handle their debt. Boeing took on a gargantuan debt load (for their sector, anyway), and that was before the MAX problems even hit - before COVID too, obviously. How Lockheed juggled their debt in the L3 selloff was a big part of how Lockheed survived into the 1990s, and it'll also be the theme of a Boeing breakup.
BCA would, if things go on their current trajectory, get hoovered up by someone for cheap. Karma option would be Embraer.
In the event of a split, the nine million dollar question is how they handle their debt. Boeing took on a gargantuan debt load (for their sector, anyway), and that was before the MAX problems even hit - before COVID too, obviously. How Lockheed juggled their debt in the L3 selloff was a big part of how Lockheed survived into the 1990s, and it'll also be the theme of a Boeing breakup.