Learjet, the private plane synonymous with the jet-set, nears end of runway

Automatic TRANSCRIPT

Very well. Kick it off with an item from cnn says learjet once the goto private plane for celebrities is ending production. How their jetty courses owned by bombard. Aa they say that they will stop production later. This year bombarded said that they will concentrate on the challenger and global aircraft which are more profitable but The company's gotta interesting history David started in one thousand nine hundred sixty two by bill. Lear and i think entry into service was nineteen sixty three for the longest time. It was the ultimate status symbol. Business jet i mean it. It's been shows up in song. Like carly simon song and it was flown by the stars and it looked good. I mean it. it's kind of. It's kind of unfortunate that we're going to lose an aircraft that looked fast and and represented the elite all those years but it. It's been around a long time. Originally goes back to a company that lear formed called swiss american aircraft corporation located in in switzerland but that That didn't last too long and were were moved but i understand that the first learjet was actually adapted from a nineteen fifties swiss ground attack fighter. Aircraft the ffa p sixteen so. I wasn't aware that origin till a little bit of research today. It's a class of aircraft that most as this article points out that most people don't want it's holds five to seven And it you know anybody who wants a fast business jet once more people so there. We're talking about globals and challengers so I guess it's just it's time has come on for and just unfortunate 'cause it's always been one of my favorite aircraft up including my nineteen seventy-two matchbox sky busters earlier jet bright little yellow and white body. So they will be missed. So i'm sure they'll be flying around for a long time well. And there's another factor as well to and you're talking about the five to six place said jet market and that is that the non three hundred of which they've sold about five hundred now is lower price so i think they just got Undercut by the competition also the fbi non one hundred which is even less expensive. So that's part of the changing market Now we've talked on the show years about the restructuring of bombay and they've been selling off in a low performing units. They've had a huge amount of debt to pay down. Which is why they've been selling them off. We talked here about when they sold the series their airliner which was sold off to airbus. And this is going to be Job cuts all over the place in a separate article. I saw that. I think about three hundred people will lose their jobs in wichita allow the production is based another arrest. Seven hundred i think are being lost in either quebec or ontario of because there's some being lost in both provinces i forget which one was the most but one was seven hundred and the other was a one hundred so big impact All the way around it does really make party a instead of the cult conglomerate that it was with all kinds of different things including a railcar business very much a single business entity and we've talked in the past how feel a lot of the business jet companies. They've gotten multiple businesses Textron's a great example And so this is really gonna make them highly subject to the you know the ups and downs of the market and fortunately the markets in an upturn business jets are selling well but boy. This'll be a real challenge for them. The future i think when there's a downturn in the market bill. Lear william powell. Lear was also an interesting guy course. he's He died longtime ago in one thousand. Nine hundred seventy eight. So it's been it's been quite a while and we've mentioned before that he actually invented the eight track Which many of our Younger listeners are not gonna know what that is. Tell us what is that. Because i don't know what an eight track is. I had one of those In my truck. Back in the let's see would have been in the Early seventies but he was a self taught engineer. But you know what. I didn't realize is that he was actually a call. Your trophy winner. But not for the learjet. Do you know what he won the collier trophy for david. No i didn't know he won a collier trophy. He did for the f. five autopilot. The autopilot was for the lear jet. Not for an f five. That was a test david. You passed double checking very good man. So yeah now bombarded says that they're going to continue to to support the aircraft ecorse encouraging and really to be expected But yeah it's kind of sad to see an old name like that disappear all right we have From marketwatch archer aviation gets one billion dollar order from united airlines on the same day announces. A deal to go public Max united airlines united is getting interested in vitale aircraft.

Coming up next