Cessna Parent Company Acquires Beechcraft Corp.

Squeezed by waning demand, Cessna looks to expand its reach in the market for business jets

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Jaime Green / The Wichita Eagle / AP

Aircraft are worked on on the assembly line at Beechcraft in Wichita, Kan. on Monday, Feb. 18, 2013.

Cessna Aircraft’s parent company, squeezed by waning demand for its business jets, has announced that it will acquire Beechcraft Corp., a maker of complementary planes and plane parts.

Bloomberg News reports that Textron Inc. will acquire Beechcraft Corp. for $1.4 billion. The acquisition will expand Textron’s offerings in the market for short-haul, twin-engine planes. Textron’s market share has been eroded by a shift in demand toward makers of long-haul planes.