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Textron buying Beechcraft

Updated: Friday, December 27 2013, 03:21 PM CST

WICHITA, Kansas - The Beechcraft company announced late Thursday that Textron Inc. had agreed to buy Beech Holdings, the parent company of Beechcraft for $1.4 billion in cash.

Bill Boisture, CEO of Beechcraft, said: "This transaction represents an important step forward in the evolution of Beechcraft's business. The team at Beechcraft has worked tirelessly to strengthen our core business and to maintain our position as a leader in a highly competitive environment. Textron's experience in the industry and its willingness to invest in and maintain the iconic Beechcraft brand make it an ideal parent company, one that will help us continue to satisfy our customers and meet our business objectives at a faster pace."

Last Friday, a report in the Financial Times stated that Textron, which also owns Cessna Aircraft, was in a deal to buy Beechcraft, but it hadn't been finalized yet. 

Beechcraft's board of directors approved of the deal and it's expected to close in the first half of 2014.

Beechraft emerged from Chapter 11 bankruptcy in February of 2013 and officials say it's posted strong aircraft delivery numbers through the first three quarters of 2013.

In the sale, Textron will assume rights to build the Hawker 4000 and the Premier IA jet.

"It's definitely good that somebody stepped up wanting to give it a new lease on life," said aviation expert Dean Headley.

Textron's stock has jumped 14 percent since news of the sales first surfaced last week.

Textron buying Beechcraft


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