Wichita, KS - February 28, 2007 – Cessna Chairman, President and CEO Jack J. Pelton last week gave his perspective of trends in general aviation in a speech at the Business Plus Speaker Series at the University of Northern Colorado in Greeley, Colo. Cessna is a Textron Inc. (NYSE: TXT) company.
"Chances are that you, or someone in your family or someone you know in your community or in the businesses you deal with, are touched and influenced by general aviation," Pelton told the more than 150 political and business leaders of Greeley. "The most interesting part though, is that general aviation is likely to play an even greater role in society as we go forward."
Pelton addressed advances of technology contributing to the increased safety of general aviation operations, and to the advent of an emerging class of business jets, commonly referred to as the Very Light Jet (VLJ).
Pelton also said the greatest obstacle to continued growth of general aviation is the Federal Aviation Administration's effort to incorporate user fees into the FAA budget reauthorization for the coming years.
"Instead of the (current) stable, non-bureaucratic gas tax, the FAA is proposing to switch to user fees – the same method retarding the natural free-market growth in Europe we might otherwise expect to see given the dynamics of that economy. In Europe, the airlines rule the skies, shutting out other air travel alternatives," Pelton said.
"What the FAA is proposing is to create a new bureaucracy to collect user fees, which they admit will bring in less than they get now, and would result in an unstable funding stream dependant on continued growth of the system," Pelton said.
A complete transcript of Pelton's remarks can be accessed at: http://cessna.com/pressreleases/Cessna_Head_Jack_Pelton_Speech_UnivNorthern_Colorado.pdf.
Based on unit sales, Cessna Aircraft Company is the world's largest manufacturer of general aviation airplanes. In 2005, Cessna delivered 1,157 aircraft and reported revenues of about $3.5 billion. Since the company was originally established in 1927, more than 187,000 Cessna airplanes have been delivered to nearly every country in the world. The global fleet of more than 4,500 Citations is the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available at www.cessna.com.
Textron Inc. is an $11 billion multi-industry company operating in 32 countries with approximately 40,000 employees. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.