Raytheon concludes sale of subsidiary, Raytheon Aircraft
28 Mar 2007
Waltham, Massachusetts, USA: Raytheon yesterday announced that it had completed the sale of its wholly owned subsidiary, Raytheon Aircraft, to Hawker Beechcraft for approximately $3.3 billion in cash. Hawker Beechcraft is a new privately held company, formed by GS Capital Partners, an affiliate of Goldman Sachs, and Onex Partners.
The transaction will include Raytheon Aircraft facilities and other assets in Wichita and Salina, Kansas, Little Rock, Arkansas and Dallas, as well as its nine-facility FBO/maintenance network (now known as Hawker Beechcraft Services) in the US, UK and Mexico.
The transaction leaves out Raytheon's ownership in fractional provider Flight Options or Raytheon Airline Aviation Services, which manages the Beechcraft 1900D programme.
"Completing the sale of Raytheon Aircraft gives us further opportunity to invest in our government and defense business and to deliver value to our shareholders," said Raytheon chairman and CEO William Swanson.
In July, last year, Raytheon had announced that it was "reviewing strategic alternatives for Raytheon Aircraft."
Meanwhile, a Hawker Beechcraft spokesman clarified that "There will be no management changes."
