Raytheon Co. has recently announced that it will sell its aircraft business to the investment bank Goldman Sachs and Onex Partners, Canadian buy out firm for around $3.3 billion. Raytheon Company makes Hawker and Beechcraft business jets under its aircraft business. In recent times the defense contractor has not kept it a secret that it was planning for the division in order to focus on government and military aerospace where profit margins are higher.
The business-jet unit of Raytheon with 8,500 employees will be renamed Hawker Beechcraft, after the two famous brands of the company. Being no example after terror strikes in 2001 the Raytheon’s unit had suffered a major setback like all other jets makers as the market constricted sharply. However, the company earned a profit of $142 million last year.
Onex and Goldman Sachs will hold equal shares of the Hawker Beechcraft. Moreover, Onex will retain the current management of the business as it did with Boeing unit. Onex, on the other hand, with this deal has marked third significant aerospace investment in recent times.
