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Textron Confirms Agreement with NetJets (TXT)

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Textron Inc. (NYSE:TXT), today, confirmed that it entered into an agreement with NetJets Inc. to deliver as many as 150 of its Citation Latitude business jets. TXT expects to commence initial deliveries in 2016.

TXT confirmed the signing of the agreement following a Wall Street Journal report that said NetJets intends to buy up to 425 aircrafts from TXT’s Cessna Aircraft division and Bombardier Inc. The Journal had said in its report that NetJets, which is a Berkshire Hathaway company, ordered 25 Cessna Citation Latitudes plus options to buy another 125 aircrafts.

Cessna Aircraft President and CEO said that he is excited to improve Cessna’s longstanding relationship with NetJets. Describing the Citation Latitude as  a game-changer for Cessna and the industry as a whole, Ernest said that the aircraft offers sophistication, modern technology and a completely new level of cabin comfort and style.

According to Ernest, the order also demonstrates confidence in the long-term outlook of global economy and the aviation industry.

TXT shares had finished 3% lower in the previous trading session on Monday. The stock has outperformed the broad market this year, gaining 27.53%.

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