Wholly Owned Subsidiary Will Maintain Separate Operations
Cessna announced Tuesday it has
completed its acquisition of CitationAir, a business aviation
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 offers 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.
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