March 19, 2014 - Textron Inc. announced March 14 it had closed on the acquisition of Beech Holdings, LLC, parent company of Beechcraft Corporation, and that it will bring together its Cessna business and Beechcraft to form a new segment called Textron Aviation.
The company named Scott Ernest, who has served as Cessna's president/CEO since 2011, as Textron Aviation CEO.
Cessna, Beechcraft, and Hawker bring 200-plus years of combined aviation experience to the market and an installed customer base of more than 250,000 airplanes worldwide. Cessna and Beech produced about $4.6 billion in revenues in 2013.
"Today's announcement is a historic milestone for the aviation industry, and I congratulate the management teams of Beechcraft and Cessna for quickly bringing the merger to fruition," said Textron chairman/CEO Scott Donnelly. "Uniting these brands creates a robust industry competitor, operating as one team with a common goal to serve customers everywhere our aircraft fly."
Along with the familiar types now in the Textron Aviation hangar, such as Cessna Citation, Caravan, and Skyhawk; Beech King Air, Baron, and Bonanza; and Hawker business jets, the new company will also be home to the Beech T-6 trainer and AT-6 light attack aircraft.
Textron purchased all outstanding equity interests in Beech Holdings for approximately $1.4 billion in cash.