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Textron's Cessna launches large cabin Citation Business Jet

Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, announced today it will proceed with developing a large cabin, intercontinental aircraft to add to the top of its line of Citation business jets.

The Textron Board of Directors gave Cessna the approval for the program yesterday during the board's first meeting of 2008.

"The approval of the large cabin Citation reflects Textron's confidence in this major investment," said Lewis B. Campbell, chairman, president and CEO of Textron. "The development of this product is an important strategic step in the long-term positioning of Cessna's product line in the global marketplace and we have the utmost confidence in Cessna's ability to meet customer needs with this new jet."

"I'm ecstatic to announce we are extending the Citation line upward and grateful for the patience of the customers who have urged Cessna to add a large cabin Citation, including many who are planning to move up from their existing Citation business jets," said Jack J. Pelton, chairman, president and CEO of Cessna. "We have invested a great deal of time in evaluating this concept to determine a solid business case and involved customers very early in this program. We're confident our efforts will result in an aircraft that is right for the marketplace."

Cessna unveiled a proof-of-concept mockup for what will be the largest business jet ever developed by the 80-year-old company during the 2006 National Business Aviation Association conference and annual convention. Since then, company officials have taken the mockup to events worldwide to gather feedback from potential customers on anticipated performance, features and creature comforts.

Details of the aircraft and the program will be announced during a press conference scheduled for Feb. 6 in Washington, D.C.

Press release issued by Textron Aviation Inc. on January 25, 2008

 

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