PROVIDENCE – Textron Inc., the world’s largest maker of business jets, said Warren Buffett’s NetJets Inc. service canceled an order for 50 Cessna Citation aircraft. There will be no financial impact because the airplanes can be sold to other customers, Textron said in a statement.
Textron said in March that NetJets, owned by Buffett’s Berkshire Hathaway Inc., would cancel an undetermined number of orders. NetJets, which sells fractional ownerships of jets in a type of time-share arrangement, agreed to buy 58 Hawker jets from Raytheon Co. for $360 million.
Textron said it still plans to deliver 165 to 170 jets in 2004. Business-jet sales are starting to stabilize after declining for more than a year as corporations and wealthy buyers cut spending.
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Last year, NetJets placed a $300 million order for 50 Cessna Citation CJ3 aircraft with the option to buy 50 more. Textron said in March it was cutting its 2003 profit forecast and eliminating about 1,200 jobs in anticipation NetJets may cancel part of that order. Textron raised it fourth-quarter profit forecast from 85 cents to 89 cents per share from a previous prediction of 71 cents. The company reported a profit of $1.04 a year ago, 2002. (Bloomberg News)
Workers’ compensation judge Arrigan retires
PROVIDENCE – Robert F. Arrigan, who served as the chief judge of the Workers’ Compensation Court since it was created in 1991, retired on Dec.19. He is credited with lifting the court and Workers’ Compensation Commission out of a crippling backlog.
“The challenges of managing a vibrant court are extremely demanding and the amount of time which must be devoted is daunting,” Arrigan said. “Since the system is healthy and the court is stable, I believe this is an appropriate time for me to take my leave.”
Arrigan had been the vice chairman of the Workers’ Compensation Commission on which he served since 1978. Associate Judge George E. Healy Jr. was chosen to fill Arrigan’s position until a permanent chief judge is selected by Gov. Don Carcieri.
The Workers’ Compensation Court was created by the General Assembly as part of a reform of the entire compensation system. Under Arrigan, who was appointed by former Gov. Bruce Sundlun, the court was responsible for creating a fair and efficient system to get weekly benefits to deserving employees and discontinue benefits for those who are no longer disabled. The court disposed of 9,258 cases last year.
