WICHITA, Kan., Feb. 22, 2010 – Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, announced today it has completed its acquisition of CitationAir, a business aviation solutions company originally called CitationShares.
The original company was started in 2000 as a joint venture between Cessna and TAG Aviation Holding SA with each holding a 50-percent share. Cessna had gradually acquired a greater share through the past decade and today announced acquisition of the final 8 percent. Terms of the transaction were not released.
CitationAir is a business aviation solutions company offering jet cards, jet shares, aircraft management and customized solutions for individuals, businesses and corporate flight departments. CitationAir took its new name last year to better reflect the changes to its business model adopted through the years that give customers more choice and flexibility in meeting their business aviation requirements and to strengthen its alignment with Cessna.
"Because of CitationAir's innovative products, Cessna is able to offer customers an even wider range of lift solutions, whether the need is to buy their own new or pre-owned jet or for a customized lift plan giving them access to CitationAir's fleet of Cessna Citations," said Jack J. Pelton, Cessna chairman, president and CEO.
With this move, CitationAir becomes a wholly owned subsidiary of Cessna but maintains its separate operation. Customers will continue to work directly through CitationAir for access to their comprehensive portfolio of products.
CitationAir is based in Greenwich, Conn. and operates a fleet of 80 Citation models throughout North America. For more information, visit www.citationair.com.