Oregon-based business to extend Cessna's single engine product line
Providence, RI - November 27, 2007 - In a move to
further broaden its single engine product portfolio, Textron Inc.'s
(NYSE: TXT) Cessna Aircraft Company today announced it was the
successful bidder for select assets of Columbia Aircraft Manufacturing
Company, a Bend, Oregon-based producer of high-performance,
single-engine aircraft. The bid of $26.4 million was the high bid in
The United States Bankruptcy Court for the District of Oregon this
afternoon.
"This is a significant day as it brings together two top aircraft
design and production companies to offer the global general aviation
community the widest range of propeller aircraft, along with
world-class product support, all under the Cessna brand - one of the
most trusted names in aviation," said Cessna Chairman, President and
CEO Jack. J. Pelton. "I would like to thank the 400-plus Columbia
employees for their continued hard work and dedication during the
bankruptcy process. We look forward to welcoming them to the Cessna
family."
Cessna is the world's largest general aviation manufacturer in
terms of annual unit sales, producing single-engine piston aircraft,
turboprops and the world's best-selling line of business jets, the
Cessna Citation. Columbia has produced more than 600 aircraft in its
10-year history.
"The Columbia models are a good fit with our existing product
line," Pelton said. "We look forward to providing existing Columbia
owners with improved levels of service and support and introducing new
customers to these outstanding aircraft."
"We plan to make significant investments in Bend, in people and
operations, to bolster customer satisfaction and business
profitability. We will continue to improve quality, reliability and
performance as we strive to deliver customer value and fulfill our
commitments," Pelton said.
Once the transaction is completed, which is expected to occur by
December 4, 2007, the Bend operation will take on the Cessna name and
be one of six Cessna manufacturing facilities. Cessna intends to
rename the current Columbia product line to become the Cessna 350 and
the Cessna 400. Cessna and its network of authorized dealers and
service centers plan to integrate sales and support of the former
Columbia aircraft, and Cessna Parts Distribution is expected to become
the source for parts. Cessna also intends to develop direct
communications with current owners.
"We feel it's very important for Cessna customers to enjoy a
seamless, high-quality experience throughout our entire product line -
from the SkyCatcher all the way up to the Citation X. It only makes
sense that we fully embrace these two new aircraft and their owners as
members of the Cessna family," Pelton said. "Current Columbia aircraft
owners should feel very secure knowing their investment will now be
supported through our vast global customer sales and service network."
Cessna currently offers eight single-engine piston models,
beginning with the recently launched Cessna 162 SkyCatcher light sport
aircraft. The SkyCatcher joins seven other high-wing piston models -
the 172R, the more powerful 172SP, the new diesel-powered 172TD,
standard models 182 and 206, and turbo-charged 182 and 206 models. The
new Cessna 350 and Cessna 400 models add low-wing, high-performance
and turbocharged piston aircraft options to raise the top end of the
Cessna piston product line.
The Cessna 350 will feature an all-composite airframe, Garmin
G1000 avionics and GFC700 flight control system, and Teledyne
Continental TSIO-550-C engine, while the Cessna 400 will offer the
same features with dual turbochargers for the engine. The 400 is one
of the fastest piston aircraft in the world with a top speed of 270
miles per hour - more than 235 knots.
About Cessna Aircraft Company
Based on unit sales, Cessna Aircraft Company is the world's
largest manufacturer of general aviation airplanes. In 2006, Cessna
delivered 1,239 aircraft, including 307 Citation business jets, and
reported revenues of about $4.2 billion. Cessna has a current backlog
of $11.9 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 5,000
Citations is the largest fleet of business jets in the world. More
information about Cessna Aircraft Company is available at
www.cessna.com.
About Textron Inc.
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.
