VERO BEACH, FL -- Piper Aircraft has high hopes for its new PiperJet, in spite of the faltering economy.
"I would be nuts if I said I wasn't troubled," Piper CEO Jim Bass told a room full of international media at Piper headquarters in Vero Beach this week. "We're always cautious about softness...but we have a sense of what we need to do here."
The jet breaks new ground for Piper Aircraft, a staple in the aviation industry and in Vero Beach for over 50 years.
"To the aviation industry overall, the PiperJet represents a class of aircraft known as VLJ's or Very Light Jets," says David Bjellos, aviation consultant for Newschannel 5.
"Designed for small business operations and often owner-flown, these aircraft can carry several passengers across the state or region in a few hours for relatively little money, providing value and efficiency," says Bjellos.
Bjellos says the VLJ market continues to increase sales in spite of a drop in all other markets for jet aircraft, including Gulfstream and Bombardier.
"The single engine design of the PiperJet will become all the more attractive if fuel prices remain at record levels," he says.
Vero Beach is also counting on the PiperJet to help fuel the local economy. Earlier this year, Piper Aircraft considered moving its headquarters. To retain Piper, the state and Indian River County provided $32 million in incentives.
To receive that money, Piper must increase its workforce to 1,400 by 2012 as it builds PiperJet. The company employs roughly 1,000 people at its Vero Beach plant now.
Piper expects to begin deliveries of its jet to customers in late 2011, early 2012. The PiperJet will sell for $2.2 million dollars.
