Bloomberg News
International Herald Tribune
11-29-2007
Textron to partner on planes (folo) All Nippon to use cash in plane order BUSINESS ASIA by Bloomberg
Byline: Bloomberg News
Edition: 1
Section: FINANCE/BUSINESS
The Cessna unit of Textron and Shenyang Aircraft will jointly make planes as economic growth spurs demand for private airplanes in China.
Textron will provide the design of the new 162 SkyCatcher light sport aircraft, while Shenyang Aircraft handles its assembly, Textron said in a statement distributed Wednesday by Business Wire. It did not give the location of the assembly plant.
Bombardier and Cessna have increased sales in China as the growth rate of at least 11 percent in the country makes private jets, yachts and other luxury goods affordable to more people.
The number of billionaires in China rose to 106 this year from 15 last year, according to the Hurun Report.
'Through decades of joint production ventures with the industry's top manufacturers, Shenyang Aircraft has emerged as the premier aircraft enterprise in China,' Cessna's chief executive officer, Jack Pelton, said in the statement. 'Their outstanding facilities and production capabilities make them the perfect partner for us.'
The model, unveiled in July 2006, has 900 orders and an introductory price of $109,500, the statement said. Cessna expects to manufacture as many as 700 of the planes a year, with the first one expected to be delivered in the second half of 2009, it said.
Cessna is Textron's biggest unit, with $4.2 billion in sales in 2006. The unit's models include Citation business jets, Caravan turboprops and single-engine SkyCatcher planes. Textron's third- quarter profit rose 38 percent after it delivered more aircraft.
Shenyang Aircraft, which made the F-5, the first fighter jet in China, is a unit of Aviation Industry I, also known as AVIC I. It manufactures fighter jets and trainers.
Asia is likely to be the fastest growing region worldwide for business aviation, according to Honeywell International, the largest maker of aircraft controls in the world. Flight hours may rise 12 percent a year until 2016, according to the company's 2007 business aviation outlook.
(Copyright 2007)
International Herald Tribune
11-29-2007
Textron to partner on planes (folo) All Nippon to use cash in plane order BUSINESS ASIA by Bloomberg
Byline: Bloomberg News
Edition: 1
Section: FINANCE/BUSINESS
The Cessna unit of Textron and Shenyang Aircraft will jointly make planes as economic growth spurs demand for private airplanes in China.
Textron will provide the design of the new 162 SkyCatcher light sport aircraft, while Shenyang Aircraft handles its assembly, Textron said in a statement distributed Wednesday by Business Wire. It did not give the location of the assembly plant.
Bombardier and Cessna have increased sales in China as the growth rate of at least 11 percent in the country makes private jets, yachts and other luxury goods affordable to more people.
The number of billionaires in China rose to 106 this year from 15 last year, according to the Hurun Report.
'Through decades of joint production ventures with the industry's top manufacturers, Shenyang Aircraft has emerged as the premier aircraft enterprise in China,' Cessna's chief executive officer, Jack Pelton, said in the statement. 'Their outstanding facilities and production capabilities make them the perfect partner for us.'
The model, unveiled in July 2006, has 900 orders and an introductory price of $109,500, the statement said. Cessna expects to manufacture as many as 700 of the planes a year, with the first one expected to be delivered in the second half of 2009, it said.
Cessna is Textron's biggest unit, with $4.2 billion in sales in 2006. The unit's models include Citation business jets, Caravan turboprops and single-engine SkyCatcher planes. Textron's third- quarter profit rose 38 percent after it delivered more aircraft.
Shenyang Aircraft, which made the F-5, the first fighter jet in China, is a unit of Aviation Industry I, also known as AVIC I. It manufactures fighter jets and trainers.
Asia is likely to be the fastest growing region worldwide for business aviation, according to Honeywell International, the largest maker of aircraft controls in the world. Flight hours may rise 12 percent a year until 2016, according to the company's 2007 business aviation outlook.
(Copyright 2007)
