U.S. industrial conglomerate Textron, the parent of Cessna Aircraft, has agreed to acquire Kansas-based plane maker Beechcraft Corp. for $1.4 billion.

Both companies said they expected the deal - which requires regulatory approval - to close in the first half of 2014, Textron said in a news release on its Web site.

"The acquisition of Beechcraft is a tremendous opportunity to extend our general aviation business," Textron Chairman and CEO Scott Donnelly was quoted as saying.

"This transaction represents an important step forward in the evolution of Beechcraft's business," Beechcraft CEO Bill Boisture said.

Rhode Island-based Textron, which makes Cessna planes and Bell helicopters, earned some $11 billion in revenue last year.

Beechcraft, a manufacturer of general aviation and military aircraft, has built more than 54,000 aircraft and more than 36,000 are still in operation today. The company, which emerged from bankruptcy earlier this year, has estimated 2013 revenues of $1.8 billion.

Textron, whose share price has risen more than 48 percent since the start of the year, was up 1.41 percent Friday in trading on the New York Stock Exchange. EFE