It's Official -- RAC Is Now Hawker Beechcraft | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne-Unmanned w/AUVSI

Airborne On ANN

AMA 04.27.17

Airborne
04.24.17

Airborne
04.25.17

Airborne
04.26.17

Airborne
04.27.17

Airborne
04.21.17

Airborne-Unmanned 04.25.17

Airborne-YouTube

AMA 04.27.17

Airborne
04.24.17

Airborne
04.25.17

Airborne
04.26.17

Airborne
04.27.17

Airborne
04.21.17

Airborne-Unmanned 04.25.17

Mon, Mar 26, 2007

It's Official -- RAC Is Now Hawker Beechcraft

$3.3 Billion Sale Of Former Raytheon Division Completed

Hawker Beechcraft Inc. -- the new company formed by GS Capital Partners, an affiliate of Goldman Sachs, and Onex Partners -- has completed its purchase of Raytheon Aircraft Company for approximately $3.3 billion in cash.

The Canadian investment group also holds a majority ownership in Spirit AeroSystems, Inc., of Wichita, KS. Spirit AeroSystems was formed in the 2005 purchase of Boeing's structural-components business in Wichita by the Canadian firm.

Sedgwick County Commission Chairman Ben Sciortino told the Wichita Business Journal he was "very excited" at news of the sale.

"This is big, big news," Sciortino said.

US Representative Todd Tiahrt, R-Wichita, spoke with Raytheon chairman and CEO Jim Schuster early Thursday and said he was assured Raytheon's management team would remain intact and "current Raytheon employees won't have to reapply for their jobs."

"The best plane makers in the world are in Wichita," Tiahrt says. "We've seen companies bought and split up and eventually just go away but Onex proved they're in this to make it work with Spirit. I'm relieved it's staying together like this."

The sale -- first announced December 21, 2006 -- includes Raytheon Aircraft facilities and other assets in Wichita and Salina, KS; Little Rock, AR; Dallas, TX and the company's FBO network across the United States, the United Kingdom and Mexico, according to a Raytheon press release.

"Completing the sale of Raytheon Aircraft Company gives us further opportunity to invest in and grow our government and defense business and to deliver value to our shareholders," said William H. Swanson, Raytheon's Chairman and CEO.

Raytheon said it expects to use a portion of the after tax sale proceeds for the early retirement of approximately $1.0 billion of the company's debt and for a company stock repurchase program of $750 million.

The transaction does not include Raytheon's ownership in either Flight Options, LLC or Raytheon Airline Aviation Services LLC. The 80 year-old company posted 2006 sales at $20.3 billion, specializing in defense, homeland security, and other government markets. Headquartered in Waltham, MA, Raytheon employs 73,000 people worldwide.

"The purchase by a company in Wichita, committed to growing the aircraft base, is great news for Kansas," says Kansas Governor Kathleen Sebelius. "Our state has had a good working relationship with Onex for some time now. They've shown a commitment to continuing the great work being done in Wichita and this move builds on that track record."

 FMI: www.raytheon.com, www.hawkerbeechcraft.com

Advertisement

More News

AMA Drone Report 04.20.17: Phantom 4 Advanced, NJ NIMBYism, AMA-DJI Team Up

Also: AUVSI XPO17 LIVE!, Steady Drone Sales, Drone v Shotgun... DJI’s new Phantom 4 Advanced offers a more powerful camera and more upgraded controls. The new upgrades the or>[...]

The 2017 Planes of Fame Air Show At The Chino Airport Will Go On As Planned

But Tenants Who Filed Suit Will Seek Changes In Oversight For 2018 Show The group of plaintiffs filing suit against Planes of Fame have withdrawn the motion for a preliminary injun>[...]

Airborne 04.26.17: Kitty Hawk Flyer, Mooney CEO Departs, Part 23 Training

Also: Sun 'n Fun, North Dakota, Turbulence, Canadian Drones, Voyageur Aviation, Oxford Airport, Drone Classes A major player in the online world, Google’s Larry Page, has ent>[...]

Airborne 04.25.17: Vietnam Helicopter Museum, Gleim Virtual Cockpit, Av Police

Also: Airport Fight, Aero-Calendar, H145, A321neo, Emirates, Airspace Workshops, Jeppesen A claim of discrimination has been filed against Contra Costa County, CA by the Vietnam He>[...]

AD: Rolls-Royce plc Turbofan Engines

AD NUMBER: 2017-08-10 PRODUCT: All Rolls-Royce plc (RR) RB211-Trent 970-84, RB211-Trent 970B-84, RB211-Trent 972-84, RB211-Trent 972B-84, RB211-Trent 977-84, RB211-Trent 977B-84, a>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC