in Business Aviation / General Aviation / Business & Finance

Beechcraft joins Cessna under Textron control

Posted 27 December 2013 · Add Comment

Textron, the corporate owner of Cessna aircraft has reached a deal to buy the GA and light jet manufacturer's competitor BeecH Holdings, the manufacturer of Beechcraft aircraft including the top selling King Air family

Reports suggest the deal is worth $1.4 billion.

According to Bloomberg, Beechcraft had revived an auction process a year after its deal to sell itself to a Chinese jetmaker collapsed. It had drawn takeover interest from at least three suitors, including Brazil’s Embraer India’s Mahindra and Textron.
The Financial Times reported Dec. 20 that Textron was close to a deal for Beechcraft. Squeezed by waning private-jet demand and a drop in U.S. arms spending, the former Hawker Beechcraft filed for bankruptcy in May 2012. The Wichita, Kansas-based company left court protection in February 2013 and exited the jet business.
“This creates a broader selection of aircraft and a larger service footprint -- all sharing the same high standards of quality and innovation,” Textron Chairman and CEO Scott C. Donnelly said in the company’s statement.
Beech started business in 1932, and it has supplied training aircraft for military pilots dating to World War II. Beechcraft said it saw a rebound in demand in 2013. According to GAMA, deliveries of multi-engine turboprops rose 42 percent in the first nine months of 2013 from a year earlier and single-engine turboprops were up 10 percent. Piston-engine planes rose 7.9 percent, while business jet shipments fell 2.1 percent.

PICTURED: Beechcraft's King Air family at last year's MEBA show

* required field

Post a comment

Other Stories
Advertisement
Latest News

UAE Space Agency and Algerian Space Agency strengthen ties

The UAE Space Agency has signed a Memorandum of Understanding with its Algerian counterpart the Algerian Space Agency.

Boeing reports first-quarter results

The Boeing Company reported higher first-quarter earnings and operating cash flow compared to the previous year, driven by solid execution on production programmes and services.

Botswana terminal takes next step towards 2020 vision

The Government of Botswana says the construction of a temporary terminal building at Maun International Airport will be completed in May this year, although the rest of the infrastructure expansion project is due to be completed in

A new way to Scout out web booking

An innovative new charter sales platform, Jet Scout, has been introduced to the African and Middle East market. Vincent Chappard finds out why it is receiving a positive reaction.

Travelport and Nesma Airlines announce new long-term agreement

Travelport and Nesma Airlines have announced the signing of a new, multi-year, full content agreement.

SAA and Hawaiian Airlines launch new interline partnership

South African Airways (SAA) and Hawaiian Airlines have established a new interline agreement, that provides new and convenient flight options for both SAA and Hawaiian customers travelling between the Hawaiian Islands and Southern

EBACE17 SK0103240517
See us at
EBACE17 BT0103240517GroundHandling BT0303280917Aviation Festival BT25114617