PROVIDENCE, R.I. (AP) — Textron Inc., maker of Cessna airplanes and Bell Helicopters, will acquire Columbia Aircraft Manufacturing Co. — a bankrupt manufacturer of single-engine aircraft — for $26.4 million, the company said Tuesday.
Textron, a diversified conglomerate that operates in the aircraft, golf, turf, auto and finance markets, made the highest bid for Columbia in Oregon bankruptcy court Tuesday. Textron expects the deal to close Dec. 4, after which the Bend, Ore.-based target will become part of Textron's Cessna Aircraft subsidiary.
''The Columbia models are a good fit with our existing product line,'' chief executive Jack Pelton said in a statement. He said Textron will make ''significant investments'' in Bend, Ore., and add Columbia's more-than-400 employees to Textron's payroll.
Cessna currently has eight single-engine models. Textron intends to rename the Columbia aircraft Cessna 350 and Cessna 400.