Beechcraft to be bought by Cessna parent company

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http://www.adn.com/2013/12/26/3247287/beechcraft-to-be-bought-by-cessna.html

Beechcraft to be bought by Cessna parent company
The Associated Press
December 26, 2013 Updated 3 hours ago

WICHITA, Kan. — Cessna Aircraft parent company Textron Inc. said Thursday it will buy Beechcraft Corp. for approximately $1.4 billion, a deal that would combine two mainstays of Wichita's general aviation industry.

The announcement by Providence, R.I.-based Textron caps a year that saw Beechcraft emerge from bankruptcy largely freed from debt and its unprofitable Hawker business jet operations, which it stopped making to focus on turboprop and piston aircraft as well as trainers and light attack planes for the military.

Textron said it expects to complete the acquisition early next year.

"The acquisition of Beechcraft is a tremendous opportunity to extend our general aviation business," Textron chairman and CEO Scott C. Donnelly said. "From our customers' perspective, this creates a broader selection of aircraft and a larger service footprint — all sharing the same high standards of quality and innovation."