In a news release issued Thursday, Textron confirmed it will buy Beechcraft Corp. for $1.4 billion in cash. The company said Beechcraft will help it to expand its general aviation business. "The iconic King Air product line perfectly complements our Caravan and Citation jet line-up and our combined global service network will deliver the superior level of services expected by our Cessna, Beechcraft and Hawker customers," Textron CEO Scott Donnelly said.

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