Cessna Takes Full Ownership of CitationAir

 - February 23, 2010, 9:57 AM

Cessna Aircraft yesterday completed its acquisition of business aviation flight services provider CitationAir. With the move, CitationAir becomes a wholly owned subsidiary of Cessna but maintains its separate operation. The original company–called CitationShares until the name was changed this past October–was started in 2000 as a 50-50 joint venture between Cessna and TAG Aviation Holding. Cessna had gradually acquired a greater share over the years and yesterday acquired the remaining 8 percent. Terms of the transaction were not released. CitationAir–which is based in Greenwich, Conn., and operates a fleet of 80 Citations–offers jet cards, fractional jet shares and aircraft management. It changed its name last year to reflect changes made to its business model over the past decade. “Because of CitationAir’s innovative products, Cessna is able to offer customers an even wider range of lift solutions, whether the need is to buy their own new or pre-owned jet or for a customized lift plan giving them access to CitationAir’s fleet of Cessna Citations,” said Cessna chairman, president and CEO Jack Pelton. Last week, CitationAir unveiled a new Jet Card that aims to offer significant discounts to customers who fly on non-peak days 355 days out of the year, while still providing access 365 days a year. These new rates amount to up to a 24-percent per-hour savings over Marquis Jet’s every day rates, CitationAir claims.