SINGAPORE, February 14, 2012 — Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, said today at the Singapore Airshow the company anticipates accelerating demand for light and mid-size business jets across the Asia-Pacific region in the next decade.
Speaking at the show, Trevor Esling, vice president, Sales for EMAA (Europe, Middle East, Africa & Asia), said: “The Asia-Pacific region already accounts for 10% of Cessna’s business jet sales and we anticipate demand increasing further in the medium to long term. The region’s economic resilience during the global financial crisis, rising national prosperity and Chinese airspace liberalization make it likely that the business aviation market will mature at quite a rapid pace. Cessna therefore expects demand for light and mid-size aircraft to rise accordingly.”
In the past 12 months Cessna has undertaken various measures to strengthen its presence in the region. In China, Cessna’s dedicated Citation sales team has increased to nine members, reflecting the company’s increased focus on the commercial market and determination to build on success already achieved in the governmental sector. Cessna has also based a dedicated field service manager and is expected to complete a joint service facility, with sister-company Bell Helicopter, in the second quarter of this year in Singapore.
Esling continued: “All indications are that the Chinese economy will grow by more than 8% this year alone, while forecasts for the economies of Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam are similarly positive. These forecasts are extremely encouraging for aviation in general, with China expected to become one of the top 10 countries for business jet ownership by 2025.”
Cessna is the world’s leading general aviation company. Since its inception in 1927, Cessna has designed, produced and delivered more than 192,500 airplanes around the globe. This includes more than 6,100 Citation business jets, making it the largest fleet of business jets in the world. Today, Cessna has two principal lines of business: aircraft sales and aftermarket services. Aircraft sales include Citation business jets, Caravan single-engine utility turboprops, single-engine piston aircraft and lift solutions by CitationAir. Aftermarket services include parts, maintenance, inspection and repair services. In 2010, Cessna delivered 535 aircraft, including 179 Citation business jets, and reported revenues of $2.6 billion. More information about Cessna Aircraft Company is available at cessna.com.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at textron.com.
Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the following:
• The efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products;
• The timing of our new product launches or certifications of our new aircraft products;
• Our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers;
• Performance issues with key suppliers, subcontractors or business partners
• Difficult conditions in the financial markets which may adversely impact our customers’ ability to fund or finance purchases of our products; and
• Continued volatility in the economy resulting in a prolonged downturn in the markets in which we do business.