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Hawker Beechcraft

 
Hoover's Profile: Hawker Beechcraft Corporation
 
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Contact Information
Hawker Beechcraft Corporation
10511 E. Central Ave.
Wichita, KS 67206
KS Tel. 316-676-7111
Toll Free 800-796-2665
Fax 316-676-6614

Type: Private
On the web: http://www.hawkerbeechcraft.com
 Employees: 9,800
Employee growth: 5.4%

Hawker Beechcraft manufactures passenger planes and offers service and support for aircraft. The company's product line takes in business jets (including Hawker 400XP, Hawker 850XP, Hawker 4000, Beechjet Premier IA), turboprops (King Air 350/B200GT/C90GTi), and piston-powered aircraft (Baron G58, Bonanza G36). The company handles maintenance orders through more than 100 authorized and factory-owned service centers. Raytheon sold its Raytheon Aircraft subsidiary in 2007 in order to focus on its military contracting business. The buyers, Goldman Sachs Group and Onex Corporation, changed the name of the company to Hawker Beechcraft. The purchase price for the acquisition was about $3.3 billion.

Key numbers for fiscal year ending December, 2008:
Sales: $3,546.5M
One year growth: 2.4%
Net income: ($139.9)M

Officers:
Chairman: Sanjeev K. Mehra
Chairman and CEO: William W. (Bill) Boisture Jr.
SVP Operations: George T. Nguyen

Competitors:
Cessna
Gulfstream Aerospace
Learjet Inc.

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Wikipedia: Hawker Beechcraft
 
Home > Library > Miscellaneous > Wikipedia
Hawker Beechcraft Corporation
Type Subsidiary
Founded 2006
Headquarters Wichita, Kansas
Key people Bill Boisture Jr CEO[1]
Industry Aerospace
Products General aviation aircraft
Business jets
Employees 7000 (2009)
Parent Goldman Sachs and Onex Corporation
Website www.hawkerbeechcraft.com

Hawker Beechcraft Corporation is a aerospace manufacturing company that builds the Beechcraft and Hawker business jet lines of aircraft.[2]

The company headquarters is in Wichita, Kansas, with maintenance and manufacturing locations worldwide.

Contents

History

On February 8, 1980, Beech Aircraft Corporation became a subsidiary of Raytheon Company. In August 1993, Raytheon Company acquired Raytheon Corporate Jets (formerly British Aerospace Corporate Jets), producers of the midsized Hawker jet line, from British Aerospace. In mid-September 1994, Beech Aircraft Corporation ("Beechcraft") and Raytheon Corporate Jets merged to form Raytheon Aircraft.[citation needed]

Ending months of industry speculation; Raytheon announced in July 2006 that it intended to sell its money-losing aircraft manufacturing business in an effort to focus on core defense related divisions. The Raytheon name and logo were almost invisible at trade shows such as NBAA 2006 as the company attempted to re-brand itself behind the Beechcraft and Hawker names.[citation needed]

Bidders for the company included The Carlyle Group, Cerberus Capital Management and Onex Corporation.[citation needed]

On December 21, 2006, Raytheon reported that it had signed an agreement to sell Raytheon Aircraft to Hawker Beechcraft Inc., a company owned by GS Capital Partners, an affiliate of Goldman Sachs, and Onex Corporation. The sale did not include Flight Options or Raytheon Airline Aviation Services (RAAS). The partnership paid $3.3 billion in a bid announced on December 21, 2006 and completed on March 26, 2007.[2]

2008 economic crisis

In response to the 2008 economic crisis the company announced the lay-off of 490 employees at its Wichita facility in January 2009.[3]

On February 3, 2009, CEO Jim Schuster announced that a further 2,300 employees would be laid off before the end of the year. The company indicated that orders for aircraft have slowed down, especially by fractional jet operators. Schuster said:[4]

“ The government's stimulus package has failed to sufficiently loosen credit markets, which are absolutely vital to the success of HBC and our industry...The media and some politicians have cast general aviation as a wasteful extravagance instead of a critical business tool and the source of millions of American jobs...This is an extremely painful step for the HBC family and community, but one that is absolutely necessary. While I wish I could commit to you that this will be our final action, I cannot do so at this time given the extreme volatility in the marketplace.[4] ”

The company is carrying a very high debt burden just under USD$2.4 billion. The company pays $190 million per year in interest payments, or more than $500,000 a day.[4]

The company had 9,800 employees when lay-offs started. When the currently announced cuts are complete they will have 7000 remaining.[4]

Facilities

Products

Civil

Military

References

  1. ^ AvWeb Staff (March 2009). "AVwebFlash Complete Issue: Volume 15, Number 12b". http://www.avweb.com/eletter/archives/avflash/1338-full.html. Retrieved on 2009-03-23. 
  2. ^ a b "Raytheon to sell jet subsidiary." Weisman, R. The Boston Globe. December 21, 2006.
  3. ^ Pew, Glenn (January 2009). "Cessna Will See More Layoffs In 2009". http://www.avweb.com/avwebflash/news/cessna_layoff_wichita_netjets_pelton_199547-1.html. Retrieved on 2009-01-12. 
  4. ^ a b c d Hegeman, Roxana (February 2009). "Hawker Beechcraft announces 2,300 layoffs". http://www.forbes.com/feeds/ap/2009/02/03/ap6003135.html. Retrieved on 2009-02-04. 

External links

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This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)

 
 

 

Copyrights:

Hoover's Profile. ©2008 Hoover's, Inc. All rights reserved.  Read more
Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Hawker Beechcraft".  Read more

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