Textron to Buy Beechcraft Corp. for $1.4B Cash; Scott Donnelly Comments

Scott Donnelly, Textron - ExecutiveMosaicTextron (NYSE: TXT) has struck a deal to acquire all outstanding shares of the parent company of business and military aircraft manufacturer Beechcraft Corp. for $1.4 billion cash.

Textron expects the Beech Holdings LLC purchase to close in the first half of 2014, pending regulatory approvals, and will will finance the deal using cash on hand and debt capital, Textron said Thursday.

Scott Donnelly, chairman and CEO of Textron, said the company aims to expand its general aviation offerings and global aircraft services through the acquisition.

“From our customers’ perspective, this creates a broader selection of aircraft and a larger service footprint, ” Donnelly said, adding that Textron sees additional complements between Beechcraft’s King Air product line and Texgtron’s Caravan and Citation jet line-up.

Textron estimates Beechcraft will generate around $1.8 billion in 2013 revenue across its business, special mission, light attack and trainer aircraft and singled out Beechcraft’s King Air twin-engine aircraft as one of the company’s leading products.

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