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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.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)