SHANGHAI, March 27, 2012 — Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, is strengthening its presence in China to support the growth of general and business aviation in the Asia-Pacific region.
Speaking at the Asian Business Aviation Conference & Exhibition (ABACE), Mike Shih, Cessna’s vice president – Strategy and Business Development, said: “With expert forecasts indicating the Chinese economy will grow by more than 8% in 2012 alone, we expect the Asian business aviation market – and China in particular – to mature at quite a rapid pace. We foresee China being one of the top 10 countries for business jet ownership globally by 2025, aided enormously by the ongoing liberalization of the country’s airspace. We are delighted to see the Chinese government understands the economic importance of general aviation and is committed to supporting the industry. We at Cessna are equally eager to play our part in helping develop Chinese business aviation from infancy to maturity as quickly as possible.”
Shih continued: “We want to work with local partners to develop all aspects of general aviation in the region. Only last week, on March 23, Cessna signed strategic agreements with Aviation Industry Corporation of China (AVIC) and the Chengdu government to jointly establish a range of products and services for general and business aviation in China. The agreements pave the way for a range of light and mid-size business jets, utility single-engine turboprops and single-engine piston aircraft to be manufactured and certified in China.”
Shih added: “As well as building local partnerships, we are undertaking measures to strengthen our own direct Cessna presence in Asia and we now have, for example, more than 20 employees based in China – in Shanghai, Beijing, Shenzhen, Chengdu and Shenyang.”
Shih concluded: “We are committed to providing our growing customer base in Asia with the best possible operations and maintenance support. We are therefore seeking to add Citation authorized service facilities to our network in Asia, and particularly China, as soon as possible and are scheduled to complete a joint service facility, with sister company Bell Helicopter, in Singapore later this year.”
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 risk that the parties will not reach agreement on the specific terms of new joint ventures or that the timing of establishing the new business ventures is delayed; risks and uncertainties related to the launching of new products or programs which could result in unanticipated delays or expenses; performance issues with key suppliers, subcontractors or business partners; changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; risks and uncertainties related to establishing new facilities; and risks related to doing business internationally.