Beechcraft to be bought by Cessna parent company
WICHITA, Kan. - The parent company of Cessna Aircraft says it has reached an agreement to buy Beechcraft Corp. for approximately $1.4 billion.
The purchase was announced Thursday
night by Providence, R.I.-based Textron Inc. (TXT), and would bring two
mainstays of Wichita's general aviation industry under a single corporate
leadership.
Textron chairman and CEO Scott C.
Donnelly said in a statement that the Beechcraft acquisition is a
"tremendous opportunity" for the diversified corporation to expand
its general aviation business.
Beechcraft CEO Bill Boisture had said
in recent months he expected the company would sell at least its idled business
jet assets by the end of 2013.
Donnelly said Beechcraft's King Air
line of aircraft complements Cessna's Caravan and Citation jet lineup.