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Private Jet and Business Jet Market Growing According to Cessna
Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, has launched a new development program for its largest business jet ever, a signal that the world’s largest producer of business jets remains bullish on the future of business aviation, despite fears of an economic downturn.
Based on unit sales, Cessna Aircraft Company is the world’s largest manufacturer of general aviation airplanes. In 2007, Cessna delivered 1,272 aircraft, including 387 Citation business jets, and reported revenues of about $5 billion. Cessna has a current backlog of $12.6 billion. Since the company was originally established in 1927, some 190,000 Cessna airplanes have been delivered to nearly every country in the world. The global fleet of more than 5,100 Citations is the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available at http://www.cessna.com.
Cessna Chairman, President and CEO Jack J. Pelton will reveal details of the new intercontinental business jet at a briefing at the Willard Hotel in Washington on Wednesday, Feb. 6 at 2:30 pm, and will be available for interviews on business aviation issues.
In announcing the launch of the program in late January, Textron Chairman, President and CEO Lewis Campbell told analysts that Textron would invest in the new aircraft based on extensive research of customer and market demands. He said Cessna’s track record of new jet introductions and the strength of the global business jet market give the corporation confidence in making the investment in the new jet.
The new Cessna will be capable of trans-oceanic and trans-continental travel at a high cruise speed, key requirements of today’s – and tomorrow’s global business leaders. Cessna, which delivered a record 387 business jets in 2007, has delivered more business jets – over 5,100 – than any other company in the world.
In addition to Pelton, other top Cessna executives will be on hand as well as executives from several of the company’s major suppliers.
