PROVIDENCE – Textron Inc. and its fellow business-jet manufacturers got more bad news over the weekend as an annual industry forecast projected aircraft sales will decline again next year before growth returns in 2011, The Wall Street Journal reported.
In its annual forecast, Honeywell International Inc. said sales of business aircraft were unlikely to reach the record level seen in 2008 again until after 2019, with the eventual gains coming from European and Asian firms rather than American customers, the paper reported.
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Morris Township, N.J.-based Honeywell said fewer than 800 jets will be delivered this year, down from 1,140 last year, reducing total revenue by 40 percent. Deliveries are expected to slide below 700 in 2010 before beginning to recover in 2011.
Honeywell’s closely-watched report, based on surveys of companies and experts, was released in Orlando on Sunday at the National Business Aviation Association’s annual convention.
This year’s forecast by Honeywell is a marked change from last year’s, which said business jet sales were likely to stay high despite the financial crisis and the downturn in the broader economy, The Journal said.
