Textron reaches agreement to sell NetJets up to 325 aircraft

TEXTRON AVIATION has entered into an agreement to provide up to 325 aircraft to NetJets, a private aviation company. Above, the Cessna Citation Longitude, one of the planes that Textron will provide to NetJets. / COURTESY TEXTRON INC.
TEXTRON AVIATION has entered into an agreement to provide up to 325 aircraft to NetJets, a private aviation company. Above, the Cessna Citation Longitude, one of the planes that Textron will provide to NetJets. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. has reached a deal to sell up to 325 aircraft over the next 10 to 15 years to NetJets Inc., the company announced Monday.

The agreement gives NetJets, a private aviation company, the option to buy up to 175 Cessna Citation Longitude aircraft and up to 150 Cessna Citation Hemisphere aircraft from the Textron subsidiary, Textron Aviation Inc.

The purchase option for the Hemisphere makes NetJets the launch customer for the new large-cabin aircraft.

A Berkshire Hathaway Inc. company, NetJets had already operated a fleet of nearly 500 Cessna Citations since 1984.

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NetJets also has the option to take first deliveries of the Citation Longitude in the second half of 2019. The company also expects to have 25 new Citation Latitudes aircraft in operation by mid-2019.

Details of the agreement were not disclosed. The company did say the Citation Hemisphere was in the $30 million to $40 million large-cabin jet market.

Textron’s third-quarter results are expected to be reported Thursday.