Textron Completes Acquisition of Beechcraft

  Textron Completes Acquisition of Beechcraft

  Integrates Cessna, Beechcraft and Hawker Aircraft Brands Into New “Textron
                          Aviation” Business Segment

Business Wire

PROVIDENCE, R.I. -- March 14, 2014

Textron Inc. (NYSE:TXT) today announced it 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 $4.6 billion
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.

“Today’s announcement is a historic milestone for the aviation industry, and I
congratulate the management teams of Beechcraft and Cessna for quickly
bringing the merger to fruition,” said Textron Chairman and CEO Scott
Donnelly. “Uniting these brands creates a robust industry competitor,
operating as one team with a common goal to serve customers everywhere our
aircraft fly. Through Textron Aviation, we now offer a broader selection of
aircraft for our customers and a greatly expanded service footprint. Cessna,
Beechcraft and Hawker owners will receive the high level of quality product
and customer service that are the hallmarks of these brands — and our combined
resources will enhance our ability to innovate and anticipate customer needs.”

Cessna, Beechcraft and Hawker will each remain distinct brands to preserve
their rich histories and respective strengths in the marketplace. Textron
Aviation brings together a unique combination of businesses with
class-leading, complementary general aviation products including Citation and
Hawker business jets, King Air twin-engine turboprops, Caravan single-engine
utility turboprops and a great line up of piston-engine aircraft representing
the Cessna and Beechcraft brands. Customers will also benefit from the
industry’s largest global service network featuring company-owned, authorized
and mobile service solutions. In addition, Textron Aviation will be home to
the Beechcraft T-6 trainer and AT-6 light attack aircraft.

“We expect the integration of Beechcraft and Cessna to be a seamless process
that continues putting our customers first,” said Scott Ernest, Textron
Aviation CEO. “Textron Aviation not only encompasses a world-class global
customer service network and a strong portfolio of business and general
aviation aircraft, but also a workforce with unparalleled industry expertise.”

Under the terms of the transaction, Textron purchased all outstanding equity
interests in Beech Holdings for approximately $1.4 billion in cash. Textron
financed the purchase of the equity as well as the repayment of Beechcraft’s
working capital debt through a combination of available cash, the issuance of
$600 million in senior notes and drawing $500 million under a new five-year
term loan.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of
aircraft, defense, industrial and finance businesses to provide customers with
innovative solutions and services. Textron is known around the world for its
powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen,
Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is
available at www.textron.com.

About Textron Aviation

Textron Aviation is the leading general aviation authority and home to the
iconic Beechcraft, Cessna and Hawker brands which account for more than half
of all general aviation aircraft flying. Textron Aviation includes the
businesses of Cessna Aircraft Company and Beechcraft Corporation, bringing
together decades of unmatched experience in designing, building and supporting
airplanes. It provides the most versatile and comprehensive general aviation
product portfolio in the world through five principle lines of business:
business jets, general aviation and special mission turboprop aircraft, high
performance piston aircraft, military trainer and defense aircraft, and a
complete global customer service organization. Its broad range of products
include such best-selling aircraft as Citation and Hawker business jets, King
Air and Caravan turboprops and T-6 military trainer aircraft, all of which are
backed by the industry’s largest global service network.

Certain statements in this press release may project revenues or describe
strategies, goals, outlook or other non-historical matters; these
forward-looking statements speak only as of the date on which they are made,
and we undertake no obligation to update them. These statements are subject to
known and unknown risks, uncertainties, and other factors that may cause our
actual results to differ materially from those expressed or implied by such
forward-looking statements, including, but not limited to, the risk that the
transaction disrupts current plans and operations; difficulty or unanticipated
expenses in connection with integrating Beech into Textron; the risk that the
acquisition does not perform as planned, including the risk that we will not
achieve revenue projections; the failure to achieve anticipated synergies and
opportunities; and potential difficulties in employee retention following the
closing of the transaction.


Textron Inc.
Doug Wilburne, 401-457-2288
Robert Bridge, 401-457-2288
David Sylvestre, 401-457-2362 or 401-640-6719
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