Textron completes acquisition of Beechcraft

Textron has closed its acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, and that it will bring together its Cessna business and Beechcraft to form a new segment called Textron Aviation. Cessna and Beechcraft together produced about $4.6bn in revenues during 2013. The acquisition brings together three iconic brands, each pioneering many of general aviation’s most notable advances in the past century. 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. Going forward, Textron Aviation intends to share and leverage best practices across all operations to further its position as an aviation authority. Scott Ernest, who has served as Cessna’s President and CEO since 2011, will lead the Textron Aviation segment as CEO.