Textron Buys Beechcraft for $1.4 Billion to Combat Jet Slump

Textron Inc., the manufacturer of Cessna aircraft, will boost its lineup of propeller-driven aircraft after reaching a deal to buy Beechcraft Corp. for $1.4 billion, as it seeks to counter a slump in business-jet sales. The Providence, Rhode Island-based company will purchase all outstanding equity interests in Beech Holdings LLC, the parent of Beechcraft, it said in a statement yesterday.

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