Wichita, KS - January 24, 2008 - 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.
About Cessna Aircraft Company
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.
About Textron Inc.
Textron Inc. is a $13.2 billion multi-industry company operating in 34 countries with approximately 44,000 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 http://www.textron.com.
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