Textron Inc. (NYSE: TXT), Providence, RI, has agreed to acquire Beech Holdings LLC, the parent of Beechcraft Corp. in Wichita, KS, for about $1.4 billion.

Beechcraft Corp., with estimated 2013 revenues of $1.8 billion, is a manufacturer of business, special mission, light attack and trainer aircraft. With more than 36,000 aircraft in service, Beechcraft supports its installed base of Hawker business jets, King Air turboprops and Beechcraft airplanes with an extensive global network of company-owned and authorized service centers.

“The acquisition of Beechcraft is a tremendous opportunity to extend our general aviation business,” said Textron CEO Scott Donnelly. “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.”