A historic name returned to the aerospace industry on Monday, as Northrop Grumman closed the sale of its aerostructures division to the Carlyle Group. The Washington-based investment group will rename the company Vought Aircraft Industries. The former Vought company, dating back to 1917, was acquired by Northrop Grumman in 1994 and integrated with Northrop and Grumman aerostructures work.

The new Vought has annual revenues of more than $1 billion. It produces parts for all current Boeing aircraft, including major fuselage sections for the 747, and builds the entire wing of the Gulfstream V and the empennage of the C-17. Its headquarters will be in Dallas. Its 6,000 employees are divided among facilities in Texas, California, Georgia and Florida.

Vought CEO Gordon Williams and other members of his team are at Farnborough this week to meet the company's existing and prospective customers. The Carlyle Group manages more than $10 billion worth of investments in aerospace, defense and other fields.