The large-cabin Cessna Citation Columbus program has been “formally cancelled,” according to an Form 8-K report parent company Textron filed last month with the Securities and Exchange Commission.
Jack J. Pelton
The National Aviation Hall of Fame honored one of general aviation’s most influential figures when it inducted Russell Meyer Jr., former chairman and CEO of Cessna, as part of this year’s class in recognition of his contribution and dedication to the general aviation industry. He joined fellow inductees Eileen Collins, Edward White and James Stewart. The last two were honored posthumously.
The large-cabin Cessna Citation Columbus program has been “formally cancelled,” according to a Form 8-K report filed with the Securities and Exchange Commission late last week by Cessna Aircraft parent Textron. The move comes just a little more than two months after Textron’s decision “to suspend the development of the Citation Columbus widebody jet due to prevailing market conditions,” Textron said in the report.
The large-cabin Cessna Citation Columbus program has been “formally cancelled,” according to an Form 8-K report parent company Textron filed late last week with the Security Exchange Commission and confirmed today by Cessna officials.
In an economy that has ravaged aviation, one stable segment is the insurance industry, but change is coming. “Nobody knows what [the future is] going to look like,” an industry expert told AIN.
With “revenues…down significantly in the last year,” Cessna chairman, CEO and president Jack Pelton announced on April 29 that, “To ensure our focus is on our strong products in existing markets, we are suspending our development of the Citation Columbus.” He also revealed a decision to reduce production rates for this year and next in response to “a continued decline in global demand for our aircraft.”
Cessna Aircraft chairman, president and CEO Jack Pelton said today at EBACE that he believes the worst is behind us in terms of the economy. As proof, he noted the rising stock market, improved consumer spending, housing market stabilization and the expectation that the gross domestic product will be positive in the third quarter.
When Cessna chairman, CEO and president Jack Pelton said on Monday that the company’s large-cabin Citation Columbus program was being slowed, few could have imagined that two days later the Wichita-based aircraft manufacturer would announce the suspension of the project.
Cessna has “slowed down the Columbus program significantly,” company chairman, CEO and president Jack Pelton said during a Q&A session after giving the keynote speech at yesterday’s Aviation Insurance Association conference in San Francisco. While Cessna will maintain its current level of research and development spending at 6 to 7 percent, he said, “Our revenues have gone down significantly in the last year.
This week, Cessna Aircraft and Bombardier Aerospace separately announced they are cutting business jet production rates this year, in addition to laying off more people.