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Textron closes $1.4 billion purchase of Beechcraft

Textron completes $1.4 billion purchase of Beechcraft to broaden aircraft lineup

Associated Press

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..