Cessna halts production of Mustang business jet
Cessna is pausing the production of a number its light business jets and is seeking to reduce its workforce.
The company suffered an $8 million loss in the first quarter, during which it delivered 32 jets – down from 38 in the same period last year.
Cessna’s revenue rose by $39 during the quarter, but most of this was attributed to sales of used jets. As a result portions of the production line will be temporarily shut down for the Mustang, CJ2+, CJ3 and CJ4.
However, the company saw a slight increase in sales of medium-size business jets last quarter. Production of the M2 and updated Sovereign and Citation X will begin later in 2013.