The parent company of Cessna Aircraft has reached an agreement to buy Beechcraft Corporation for approximately $1.4 billion dollars.
Providence, Rhode Island-based Textron Incorporated announced the agreement on Thursday.
The purchase will bring two mainstays of Wichita's general aviation industry under a single corporate leadership.
Textron chairman and CEO Scott Donnelly said in a statement that 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 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.