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.
Textron Inc., the manufacturer of Cessna aircraft and Bell helicopters, rose the most in almost two years after the Financial Times reported that the company was near a $1.4 billion purchase of planemaker Beechcraft Corp.
Beechcraft Corp., the U.S. planemaker that exited bankruptcy protection in February, has drawn takeover interest from at least three suitors, including Brazil’s Embraer SA and India’s Mahindra & Mahindra Ltd., said people familiar with the matter.
Hawker Beechcraft Inc., the jet maker partly owned by Goldman Sachs Group Inc., named turnaround specialist Steve Miller as chief executive officer as the company works to avoid breaching debt covenants.
Hawker Beechcraft Co., the jet maker part-owned by Goldman Sachs Group Inc., said a unit asked a federal judge to block the U.S. Air Force from awarding an almost $1 billion contract for light attack aircraft, claiming the government won’t say why it was excluded from consideration.
Hawker Beechcraft Inc., the aircraft manufacturer owned by Goldman Sachs Group Inc. and Onex Corp., struck a deal with lenders that will provide a $120 million loan as it negotiates with creditors to avoid default.
Hawker Beechcraft Inc., the bankrupt business-jet maker, shouldn’t be sold to a buyer owned by the Chinese government because the deal would endanger jobs and national security, a U.S. judge was told by a labor union.