Buffett firm flies high with business jets

Textron Aviation and NetJets, a private jet firm owned by Warren Buffett's Berkshire Hathaway, signed a new agreement that gives the latter an option to buy up to 1,500 additional Cessna Citation business jets over the next 15 years.

The deal for Cessna Citation business jets, which are designed, produced, and delivered by Textron, could be valued at approximately US$30 billion (HK$278 billion), according to analysts at Jefferies.

Demand for private flying remains healthy despite having tempered from the highs reached during the pandemic when the wealthy took control of their travel.

The deal extends NetJets' existing fleet and includes options for increasing number of aircraft each year, allowing it to expand with Cessna Citation Ascend, Citation Latitude, and Citation Longitude aircraft.

Deliveries of the Citation Ascend are expected to begin in 2025 when the aircraft, currently under development, is expected to enter into service.