Cessna sees diamonds in 75th year
According to Cessna chairman and CEO Russ Meyer, the company’s 75th year in business could be its best ever in terms of deliveries and billings. Meyer said that by year-end the Wichita airframer will deliver more than 300 Citations, 100 Caravans and 500 piston singles; billings are expected to top $3.2 billion. Meyer expects next year “to be a little slower, though on pace with that of 1999.” He said revenues are projected to be down 8 to 10 percent in 2003, with about 250 Citations (“75 percent of which have been sold”) leaving the Wichita plant. The company is downsizing its workforce mainly through attrition, though several hundred employees could be laid off later this year. The Cessna executive is confident about the long-term growth of the industry, however, and expects a buoyant market for its just-announced Citation CJ3.