Cessna Gets $600 Million Order For Its New Citation X Aircraft
May 16, 2011
WICHITA, Kan. -- Cessna Aircraft Co.. Tuesday announced the largest order yet for its speedy new Citation X aircraft, fueling competition in the growing corporate jet market. Cessna, a unit of Providence, R.I., Textron Inc., said Executive Jet Aviation, of Montvale, N.J., ordered 25 Citation Xs, the fastest civilian plane short of the Concorde. The order -- valued at $600 million -- includes 20 older Citation VII models. The company said the agreement is the largest order it has ever booked and is believed to be one of the largest business jet purchases ever. Cessna has been locked in a battle with Gulfstream Aircraft Inc. for control of the market for next-generation business jets. Gulfstream, a unit of investment firm Forstmann Little & Co., has seen firm bookings for its recently launched Gulfstream V, which sets the standard as the longest-range business jet available. While early orders for the Citation X reportedly lagged behind expectations for a new aircraft, the deal with Executive Jet Aviation, which sells ownership shares in its fleet to businesses that do not wish to buy their own jets, could signal new momentum for Cessna. The Citation X has a top speed of about 600 miles per hour.
