NetJets, a subsidiary of Warren Buffett's Berkshire Hathaway
) has put in the largest order for business jets to date.
The company's order is valued at $9.6 billion with NetJets set
to buy as many as 425 jets from Bombardier and Textron's Cessna
unit. NetJets CEO Jordan Hansell said that he is looking to
bolster his company's jet fleet ahead of strengthening of US and
European economies which will "ultimately come back to a much
The deliveries of the jets could begin in as soon as two
years. Currently, NetJets fleet has more than 700 planes. The
order is for as many as 275 Bombardier Challenger aircraft and up
to 150 Cessna Citation Latitude jets. "It's prudent to take a
stand now and make a decision now to be sure that we're well
positioned to compete over the longer term," Hansell said on a
NetJets said that the purchase announced today is the largest
order ever for business jets, more than NetJets' March 2011 order
for as many as 120 Bombardier planes. The deal is seen as a boon
for the global business jet sector which has been hit hard in the
wake of the financial crisis.
"All the manufacturers want to make a deal today," explained
Janine Iannarelli, president of Houston-based plane broker Par
"You wield a lot of power when you go in and place an order
like that," she continued.
The order from NetJets is an aggressive move as the company is
making a big bet on rising future demand in the face of slumping
economies. CEO Hansell, however, is optimistic about a cycle
upturn and is focusing on being ahead of the curve for his
"By increasing the range and endurance of our fleet, we will
allow our owners to get to even more destinations worldwide,"
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