Eclipse Aviation Goes Quiet; Raburn Severs All Ties

AINalerts » August 19, 2008
August 19, 2008, 11:12 AM

Very light jet manufacturer Eclipse Aviation late last week announced to employees and customers that the executive management team is working on “a plan to profitability by the end of the month.” And, the communiqué added, “Eclipse will not be releasing any further information or conducting interviews surrounding this media alert at this time.” While Eclipse isn’t talking, its suppliers are. In a news release issued this morning, Albany Engineered Composites (AEC) said that Eclipse indicated that it was substantially reducing production of the Eclipse 500 “and planned purchases of components from AEC and other suppliers, for the remainder of 2008 and the first half of 2009…purchases of AEC components are thereafter expected to return to and then exceed previous levels.” Avio NG display supplier IS&S's stock dropped nearly 30 percent today following the news that Eclipse planned to curb production. Meanwhile, recently ousted Eclipse Aviation founder Vern Raburn on Thursday severed all ties with company investor Etirc. Though Raburn was offered the vice chairman position at Etirc, “After further consideration of this position, I have decided not to accept it. As a result, I have no further relationship with Eclipse Aviation either domestically or internationally.”

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