Textron to sell part of flight simulation unit to Canada’s CAE for $40 million

FILE PHOTO: A Cessna 525A CitationJet CJ2+ plane of German JK JetKontor lands at Riga International Airport, in Riga

(Reuters) – Cessna business jet maker Textron Inc said on Wednesday it has agreed to sell a portion of its flight simulation and training business to Canada’s CAE Inc for $40 million in cash.

The assets being sold include Textron’s flight simulator manufacturing operations in Montreal, as well as certain entities in France and Malaysia and a minority interest in a joint venture in Iceland.

Textron’s flight simulation and training operations in Tampa, Florida are not included in the sale, the company said.

The deal is expected to close during the fourth quarter of 2020 or in early 2021.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)