Textron Closes $1.4 Billion Purchase Of Beechcraft
PROVIDENCE, R.I. (AP) — Textron completed its purchase of Beechcraft and will combine the airplane maker with its Cessna unit to form an aviation business that generates about $4.6 billion in annual revenue.
The defense contractor paid about $1.4 billion in cash for Beechcraft parent Beech Holdings LLC. Textron used cash, issued $600 million in senior notes, and borrowed $500 million to finance the deal, which was announced in late December.
The company said it would preserve the Beechcraft, Cessna and Hawker general-aviation brands under Cessna CEO Scott Ernest. The acquisition gives Textron a broader selection of aircraft and services to sell to customers, the company said.
Shares of Textron Inc. rose 36 cents to $38.18 in morning trading.