Boeing and General Motors have signed a definitive agreement to sell their jointly owned research company, HRL Laboratories, to technology giant IBM. Financial details of the transaction were not disclosed, while completion of the deal remains subject to the necessary regulatory approvals.

HRL Laboratories is currently owned equally by Boeing and General Motors, with each company holding a 50 percent stake. The research organization develops advanced technologies for the automotive, aerospace and defense industries and has built a strong position in physical sciences and engineering over several decades.

The company was founded in 1948, and Boeing and General Motors said in a joint statement that they expect IBM to continue developing its technological and research legacy.

“Since its founding in 1948, HRL Laboratories has been a leader in pioneering work in physical science and engineering, and we look forward to IBM building on this legacy,” Boeing and General Motors said.

The sale of HRL Laboratories will allow both current owners to focus more closely on their core business activities. Boeing will concentrate its resources on the development and delivery of commercial aircraft, defense products and space systems, while General Motors will continue investing in its automotive and technology programs.

Despite the sale, Boeing and General Motors plan to continue working with IBM on the development of quantum computing applications and other advanced technologies.

“While Boeing and GM will continue to partner with IBM on quantum applications and advanced technology development, with this proposed sale, our companies will focus our resources on our respective core businesses and delivering the programs and services necessary to meet our customers’ evolving needs,” the joint statement added.

The acquisition of HRL Laboratories is expected to further strengthen IBM’s research capabilities in areas connecting advanced computing, materials science, microelectronics, aerospace, defense and the automotive industry. The agreement has initiated the regulatory review process, while an expected completion date for the transaction has not been announced.