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MarketScreener Homepage  >  Equities  >  Nyse  >  Textron Inc.    TXT

TEXTRON INC.

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Textron : Aviation to expand service offerings to include repair of Citation CJ series landing gear

10/22/2020 | 02:40pm EST

WICHITA, Kan. (Oct. 22, 2020) - Textron Aviation is expanding service offerings to provide customers with a new standard repair process for Cessna Citation CJ series aircraft main landing gear (MLG). This innovative solution, which is in the final stages of certification, will allow engineers to repair the MLG without having to replace it, improving cost-effectiveness of operation for customers.

Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company, is leading this project with Able Aerospace Services Inc., which the company acquired in 2016.

'The desire to have the option to repair instead of replace CJ landing gear is something we've been hearing from our customers, so we are excited about this solution in response to their feedback,' said Brian Rohloff, senior vice president, Customer Support. 'Currently, any amount of significant damage to landing gear requires replacement, which is a costly and time-consuming process. We are pleased to be able to solve this pain point and ultimately reduce operating costs for our customers while minimizing downtime by providing them with a rental asset while we repair their gear.'

With initial testing taking place on the Cessna Citation CJ3 aircraft, the company plans to subsequently apply the repairability solution across all CJ series aircraft starting in 2021. The company continues to evaluate additional Citation models which could benefit from such a program. And, recognizing the importance of long-term operating costs, Textron Aviation is taking the opportunity to address future repairability for its Cessna SkyCourier and Cessna Denali turboprops in development.

Textron Aviation has successfully completed static and cyclic testing of the Citation CJ3 MLG with up to five lifetimes (75,000 landings) of the gear's life limit to substantiate the repair safe-life.

'At Textron Aviation, we are continuously evaluating our products and services to ensure we are meeting customer expectations,' said Kriya Shortt, senior vice president, Parts and Programs. 'Leveraging the knowledge of our engineering team, coupled with the expanded repair capability and special processing with which Able is experienced, demonstrates our commitment to cross-functional collaboration that benefits customers. The lessons we have learned from this project will pave the way for future innovations and enable us to continue producing leading-edge products.'

About Able Aerospace Services Able Aerospace Services is a leading supplier of component MRO, approved replacement parts and completion services. With headquarters and maintenance facilities on the Phoenix-Mesa Gateway Airport (KIWA) in Mesa, Arizona, Able's products and services support almost 1,500 commercial and military fixed- and rotor-wing aviation customers in more than 60 countries. Able combines 32 years of aviation experience with a staff of more than 450 employees to accomplish its mission: To safely reduce aircraft operating costs by providing resourceful component repair, overhaul and approved replacement parts solutions. Able is an approved Bell Helicopter Service Center and certified by numerous airworthiness authorities including the FAA, EASA, ANAC, CAAC, JCAB, DGCA and others.

Images and b-roll:

Cessna Citation CJ3

Cessna Citation CJ3 landing gear b-roll

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About Textron Aviation

We inspire the journey of flight. For more than 90 years, Textron Aviation Inc., a Textron Inc. company, has empowered our collective talent across the Beechcraft, Cessna and Hawker brands to design and deliver the best aviation experience for our customers. With a range that includes everything from business jets, turboprops, and high-performance pistons, to special mission, military trainer and defense products, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. Customers in more than 170 countries rely on our legendary performance, reliability and versatility, along with our trusted global customer service network, for affordable and flexible flight.

For more information, visit www.txtav.com | www.defense.txtav.com | www.scorpionjet.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information, visit: www.textron.com

Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; changes in government regulations or policies on the export and import of our products; volatility in the global economy or changes in worldwide political conditions that adversely impact demand for our products; performance issues with key suppliers or subcontractors; difficult conditions in the financial markets which may adversely impact our customers' ability to fund or finance purchases of our products; and demand softness or volatility in the markets in which we do business.



Disclaimer

Textron Inc. published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 18:39:01 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 11 401 M - -
Net income 2020 289 M - -
Net Debt 2020 1 439 M - -
P/E ratio 2020 37,4x
Yield 2020 0,17%
Capitalization 10 727 M 10 727 M -
EV / Sales 2020 1,07x
EV / Sales 2021 0,94x
Nbr of Employees 32 200
Free-Float 99,4%
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Number of Analysts 12
Average target price 42,42 $
Last Close Price 46,87 $
Spread / Highest target 17,3%
Spread / Average Target -9,50%
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Scott C. Donnelly Chairman, President & Chief Executive Officer
Frank T. Connor Chief Financial Officer & Executive Vice President
Kimberly A. Mackenroth Chief Information Officer & Vice President
Kathleen M. Bader Lead Independent Director
Paul Ernest Gagné Lead Independent Director
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