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NetJets to spend up to $9.6B on 425 new planes

Monday - 6/11/2012, 8:10pm  ET

COLUMBUS, Ohio (AP) - NetJets, which sells partial ownership interests in business jets, plans to spend up to $9.6 billion on as many as 425 new planes from Cessna and Bombardier.

CEO Jordan Hansell said the deals are part of NetJets' 10-year plan. Hansell said they reflect that the company, which is owned by Warren Buffett's Berkshire Hathaway, is "optimistic about the economy over the long term."

The deals follow a $6.7 billion purchase in 2011 and a $1.3 billion deal in 2010.

The Columbus, Ohio, company has placed firm orders for 125 planes so far.

Hansell said the new aircraft will be faster and more fuel-efficient and have a longer range than similar planes. And they'll offer advanced in-flight entertainment options and the ability to work online during an entire flight.

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