It's Official: Raytheon Aircraft Is Now Hawker Beechcraft
The Raytheon Company said Monday it has completed the sale of its wholly owned subsidiary Raytheon Aircraft Company (RAC) to Hawker Beechcraft Inc., a new company formed by GS Capital Partners, an affiliate of Goldman Sachs, and Onex Partners. First announced on Dec. 21, 2006, the long-rumored sale of Raytheon's civilian aircraft manufacturing business was worth approximately $3.3 billion in cash. The transaction includes Raytheon Aircraft facilities and other assets in Wichita and Salina, Kan.; Little Rock, Ark;, and Dallas, Texas. Also included is the Raytheon Flight Services FBO chain, with facilities in the U.S., the U.K. and Mexico. The transaction does not include Raytheon's ownership in Flight Options LLC or in Raytheon Airline Aviation Services LLC.
"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. GS Capital Partners is the private equity arm of Goldman Sachs. It has invested over $17 billion in the 20 years from 1986 to 2006. “We continue to believe strongly in the growth prospects for the business aviation sector, fuelled by new demand globally and supported by a robust market in North America,” Nigel Wright, an Onex managing director, said Monday. “The company’s brands are acknowledged leaders in the sector and its management team, led by CEO Jim Schuster, has the skills, experience and vision to enhance and grow the business and create substantial additional value.”