Textron Aviation, manufacturer of the Cessna Citation family of business jets, and private jet fractional ownership company NetJets announced a fleet agreement giving NetJets the option to purchase up to 1,500 new Cessna Citations over the next 15 years.
The purchase agreement is an extension of NetJets’ existing fleet agreement with Textron, and enables NetJets to expand its fleet with the Cessna Citation Ascend, Citation Latitude, and Citation Longitude aircraft. The announcement also included naming NetJets as the fleet launch customer for the Citation Ascend, Textron Aviation’s newest jet.
Terms were not disclosed in the announcement, but this new deal, according to an analysis by Jefferies cited in a Forbes article, is valued at up to $30 billion.
“NetJets customers around the world continually select Citations as their aircraft of choice,” Ron Draper, president and CEO of Textron Aviation, said in the announcement. “We’re honored to be the largest provider of industry-leading aircraft to NetJets and look forward to continuing to work together to design and deliver the best aviation experience based on customer feedback.
“Expanding and adding the Citation Ascend to the NetJets fleet will provide its global customers with even more versatility and flexibility to accomplish their missions, building upon the exceptional performance and popularity of the Latitude and Longitude,” Draper said.
NetJets has taken delivery of more than 800 aircraft from Textron Aviation over the last four decades, outfitting its fleet with the Citation SII, V, Excel/XLS, Sovereign, X, Latitude, and Longitude models.
Doug Henneberry, NetJets executive vice president of aircraft asset management, said in the announcement, “As a long-time, trusted ally who shares our commitment to safety and service, Textron Aviation is the ideal partner to help us expand our offerings to NetJets Owners with the introduction of the new Ascend to our midsize jet class, as well as by growing our overall fleet. Based on past demand for the popular Citation Latitude and Longitude, the new Ascend and all our new Citations will undoubtedly be well received by our Owners, particularly those who depend on NetJets to help them do more and miss less.”