Textron’s Cessna signs agreement with NetJets Inc.

TEXTRON subsidiary, Cessna Aircraft Company, has signed a purchase agreement with Berkshire Hathaway subsidiary NetJets Inc.
Posted 6/12/12

PROVIDENCE – Textron subsidiary, Cessna Aircraft Co., has signed a purchase agreement with Berkshire Hathaway subsidiary NetJets Inc.

The agreement, announced Tuesday, includes delivery of up to 150 Citation Latitude business jets, with initial deliveries beginning in 2016.

“We are very excited to enhance our longstanding relationship with NetJets by producing the Citation Latitude for them and their customers,” Cessna president and CEO Scott Ernest said in prepared remarks. “The Latitude is a game-changer, not only for the Cessna line of products, but for the industry.”

First announced in 2011, the Citation Latitude has space for a crew of two, plus up to eight passengers. Cessna expects the first flight of the Latitude prototype to take place in mid-2014, with FAA certification and entry into service expected in 2015.

“This order from NetJets shows confidence in the growing strength and long-term outlook of the global economy and the aviation industry. We’re thrilled that we’ll be able to leverage our Wichita development and manufacturing expertise to build these Citation Latitudes,” said Ernest.

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