Cessna Stops Work on Jet
Written by Francisco Camoes · Filed Under Aeronautics NewsApril 29, 2009
Textron Inc. said it expects to deliver no more than 300 Cessna corporate jets this year, about 20 percent less than its previous forecast, and to stop work on the new Columbus aircraft as a global recession reduces demand.
The Cessna shipments compare with 476 planes last year and an original 2009 target of 535. Providence, Rhode Island-based Textron disclosed the plan in slides prepared for its first- quarter earnings conference call with analysts. About 120 to 130 of the planes shipped this year will be Mustang models, Chief Operating Officer Scott Donnelly said on the call. Mustangs are Cessna’s smallest jets, with a base price of about $2.7 million.
Cessna started selling the new eight-seat 850 Citation Columbus last year with a goal of starting deliveries in 2014. The plane was Cessna’s largest and was designed for intercontinental flight, with a base price of about $27 million. Work on the Columbus will be suspended and Textron said it will return about $50 million in deposits.
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