The purchase was announced Thursday night by Providence, R.I.-based Textron Inc., and would bring two mainstays of Wichita's general aviation industry under a single corporate leadership.
Textron chairman and CEO Scott Donnelly said the Beechcraft acquisition is a "tremendous opportunity" for the diversified corporation to expand its general aviation business.
Beechcraft CEO Bill Boisture had said in recent months he expected the company would sell at least its idled business jet assets by the end of 2013.
Donnelly said Beechcraft's King Air line of aircraft complements Cessna's Caravan and Citation jet lineup.
MORE HBJ HEADLINES
Watchdog: Too few air traffic controllers where needed most A $32B tally, but Boeing's 787 costs don't bother Wall Street Czech airline to buy 16 Boeing 737 Max jets Lockheed Martin separating unit, combining it with Leidos Apple forecasts rare sales drop Obama administration loosens Cuba embargo with new measures