Projo Biz Blog

Providence-based Textron Inc. said on Wednesday t expects to deliver no more than 300 Cessna corporate jets this year, about 20 percent less than its previous forecast, and to stop work on the new Columbus aircraft as a global recession reduces demand.

The Cessna shipments compare with 476 planes last year and an original 2009 target of 535. Textron disclosed the plan in slides prepared for its first- quarter earnings conference call with analysts.

Cessna started selling the new eight-seat 850 Citation Columbus last year with a target to start deliveries in 2014. The plane was Cessna's largest and was designed for intercontinental flight, with a base price of about $27 million. Work on the Columbus will be suspended and Textron said it will return about $50 million in deposits.

 Tags  Cessna Columbus Providence RI Textron

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