PROVIDENCE – Textron Aviation Inc., a segment of Textron Inc., announced a fleet agreement with NetJets Inc. for the Columbus, Ohio-based company to purchase up to 1,500 additional Cessna Citation business jets over the next 15 years, and named NetJets as the fleet launch customer for the Cessna Citation Ascend, the segment’s newest jet.
The agreement announced Sept. 20 extends NetJets’ existing fleet agreement, and includes options for an increasing number of aircraft each year, including the Cessna Citation Ascend, Citation Latitude and Citation Longitude aircraft.
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Terms of the extension and the original deal were not disclosed, however an analysis by Jefferies Financial Group Inc. values the latest extension at up to $30 billion, according to a report by Forbes.
A spokesman for Textron Aviation did not immediately respond to a request for comment.
“NetJets customers around the world continually select Citations as their aircraft of choice,” Ron Draper, CEO and president of Textron Aviation, said in a statement. “We’re honored to be the largest provider of industry-leading aircraft to NetJets and look forward to continuing to work together to design and deliver the best aviation experience based on customer feedback.”
Deliveries of the Citation Ascend are expected to begin in 2025, when the aircraft, which is currently under development, is expected to enter into service.
“Expanding and adding the Citation Ascend to the NetJets fleet will provide its global customers with even more versatility and flexibility to accomplish their missions, building upon the exceptional performance and popularity of the Latitude and Longitude,” Draper said.
For over 40 years, NetJets, owned by Berkshire Hathaway Inc., has taken delivery of more than 800 aircraft from Wichita, Kan.-based Textron Aviation, including exercising more than 300 options for Citation Latitudes and Longitudes during the past eight years.
“As a long-time, trusted ally who shares our commitment to safety and service, Textron Aviation is the ideal partner to help us expand our offerings to NetJets owners with the introduction of the new Ascend to our midsize jet class, as well as by growing our overall fleet,” Doug Henneberry, NetJets executive vice president of aircraft asset management, said in a statement. “Based on past demand for the popular Citation Latitude and Longitude, the new Ascend and all our new Citations will undoubtedly be well received by our owners, particularly those who depend on NetJets to help them do more and miss less.”
On July 27, Textron Inc. reported a $263 million profit in the second quarter of 2023. The maker of Cessna small planes and Bell helicopters posted quarterly revenue of $3.42 billion, an increase from $3.1 billion one year prior.
