Hawker Beechcraft Takes Off
On Monday, Raytheon Company finalized the sale of wholly owned subsidiary Raytheon Aircraft Company to Hawker Beechcraft Inc., a new venture formed by Goldman Sachs affiliate GS Capital Partners and Onex Partners, for approximately $3.3 billion in cash. Announced on Dec. 21, the transaction includes Raytheon Aircraft facilities and other assets in Wichita and Salina, Kan. Little Rock, Ark. and Dallas, Texas, in addition to the Raytheon Aircraft Services (now Hawker Beechcraft Services) FBO network across the U.S., U.K. and Mexico. The sale does not include Raytheon's ownership in either fractional provider Flight Options or Raytheon Airline Aviation Services. In a letter to customers, Hawker Beechcraft Chairman and CEO James Schuster said the new name celebrates the company's "rich" heritage, achievement and innovation. "For the first time in more than a quarter of a century we are an independent, private company," he noted. "I am pleased to say that today our company is stronger than ever – as is our commitment to our many valued customers worldwide." Asked where the aircraft manufacturer is headed over the next five years, Onex managing director Nigel Wright said, "We'd like to see the Hawker 4000 become the super-midsize market leader. Over time there is an aggressive plan to continue to develop derivative products from existing aircraft platforms. We also want to continue focusing on productivity, cost improvement measures and to make sure that the company is operating as efficiently and profitably as it can."