Cessna Confident to Capitalize on European Economic Upswing
Geneva, Switzerland - - Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, said today that despite eurozone economic challenges, the company remains confident of the region’s prospects for business aviation and is investing in readiness for a return to growth.
Speaking today at the European Business Aviation Convention and Exhibition (EBACE) in Geneva, Switzerland, Kriya Shortt, senior vice president of Sales, said: "While the eurozone as a whole remains in recession, there are bright spots that give grounds for optimism. Many economists expect Germany, a major business aviation market, to benefit from rising exports and domestic consumption in coming months.
"Similarly, the UK, long an important market, is enjoying a brighter outlook for growth and inflation, according to the Bank of England. Considering these factors, and that past recoveries in our industry have often accelerated quickly, Cessna believes it is right to invest now to maintain our leadership position.
"Cessna is well-prepared for the future, with a long line of new product developments all running to schedule. The first production flight for the new Citation Sovereign took place in April. The aircraft is due for delivery in Q3 this year following FAA certification and we expect EASA certification by Q1 2014.
“The new Citation X is on track to be out in the market by the end of this year, while other programs, including the mid-size Citation Latitude and super mid-size Citation Longitude, are also progressing well,” Shortt added.
Reflecting Cessna’s commitment to the European market, the company has also expanded its customer service teams in the region. Alessandro Barizzi is the new vice president, European Customer Service, effective June 1, and will lead Cessna’s expanding customer service efforts in Europe. Prior to joining the Customer Service team, Alessandro was the regional sales director, Citation. During his 11 years with Cessna he has sold more than 190 Citations. Barizzi will be based in Switzerland and his reports include the general managers of the European Citation Service Centers.
Other recent European appointments include last week’s announcement of Tom Perry as vice president of sales for Europe, Middle East and Africa. Additionally, Jürgen Morawitz has been named regional sales director for Citations and single engine products in Germany, Austria and Switzerland, based in Germany, and Steve McKenna is now serving as regional sales director for single engine products in the UK and Scandinavia, based in the UK.
Cessna now operates six service centers in Europe: Valencia, Spain;
Cessna is the world’s leading general aviation company. Since its inception in 1927, Cessna has designed, produced and delivered more than 193,500 airplanes around the globe. This includes more than 6,300 Citation business jets, making it the largest fleet of business jets in the world. Today, Cessna has two principal lines of business: aircraft sales and aftermarket services. Aircraft sales include Citation business jets, Caravan single-engine utility turboprops, single-engine piston aircraft and lift solutions by CitationAir. Aftermarket services include parts, maintenance, inspection and repair services. In 2011, Cessna delivered 689 aircraft, including 183 Citation business jets, and reported revenues of $2.990 billion. More information about Cessna Aircraft Company is available at cessna.com.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, 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, and Textron Systems. More information is available at textron.com.
Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to changes in worldwide economic or political conditions that impact demand for our products, interest rates or foreign exchange rates; changes in government regulations or policies on the export and import of commercial products; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; performance issues with key suppliers, subcontractors or business partners; difficult conditions in the financial markets which may adversely impact our customers’ ability to fund or finance purchases of our products; and continued volatility in the economy resulting in a prolonged downturn in the markets in which we do business.
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