Raytheon has said in a statement that they are going to sell off their aircraft business. The company manufactures Hawker and Beechcraft business jets and this unit would now be sold off to a unit of investment bank Goldman Sachs and Onex Partners.

This deal is worth around $3.3 billion.

Raytheon added that they expect about $2.5 billion in net after-tax proceeds from the sale. They would use the money to reduce debt and buy back shares.

Paul Nisbet at aerospace specialists JSA Research spoke on their decision to sell off this division: I think the aircraft operation was probably taking more of their time than was justified given the return that they were getting on their sales. In fact, it was a losing operation for a few years.