Cessna is expected to announce a $500million order today from the rapidly-growing Executive Jet fractional ownership company for Excels and additional Citation Xs.
Sources say Executive Jet of New Jersey will announce it is buying 50 Cessna Excel small widebody jets as well as six additional Cessna Citation X business jets. The Excel order is worth some $400 million while the Citation X order is worth around $100 million.
Growth
Executive Jet's growth has been rapid since it launched its NetJet fractional ownership scheme in 1986. It began with a few Cessna Citation S-IIs, offering customers percentage shares in one-eighth increments of business jets, complete with flight crew. It now has some 100 aircraft in service and another 250 on order.
Including the new Cessna orders, NetJets' combined in-service and on-order inventory is thought to be worth around $2.8 billion.
Those aircraft types include Gulfstream IVSPs and Gulfstream Vs, Cessna Citation V Ultras and Citation VIIs, and Raytheon Hawker 1000s and Hawker 800XPs. Of the 700 fractional ownership customers that Executive Jets has acquired, some 80% had never owned a business jet until they entered the NetJets scheme.
In June last year, NetJets Europe was launched with Citation S-IIs.
Source: Flight Daily News
