Piper suspends further work on Altaire
After review company has decided to suspend all further development on the Piper Altaire business jet
Piper Aircraft has decided to suspend further development of
the Piper Altaire business jet following a company review.
“Following an evaluation of Altaire development and light jet
forecasts we determined the best course of action for the company going forward
is to indefinitely suspend the program, preserving intellectual property and
progress to date,” said Piper interim president and chief executive
officer Simon Caldecott. “Unfortunately and regrettably, this will have
serious consequences for many talented Piper employees and for our Piper
Altaire customers.”
Piper will refund the deposits of Altaire position holders or
their deposits can be applied towards other new Piper airplanes.
“Clearly, the market for light jets is not recovering sufficiently
and quickly enough to allow us to continue developing the program under the
economic circumstances we face,” Caldecott said.
