Piper ices Altaire jet; begins layoffs



After an internal review of its signature Altaire business jet programme announced last week, Piper today revealed that it will “suspend further development” on the six-seat single-engine jet.  

 "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 programme, preserving intellectual property and progress to date," said Piper Interim President and CEO Simon Caldecott, who took over as Piper lead from Geoff Berger in a surprise shake-up on 17 October. Also removed was Randy Groom, Piper executive vice president. Piper’s owner, Imprimis, is a Singapore investment firm funded by the Sultanate of Brunei, a southeast Asian monarchy flush with oil and gas revenues.  

 "Clearly, the market for light jets is not recovering sufficiently and quickly enough to allow us to continue developing the programme under the economic circumstances we face," Caldeco

http://www.flightglobal.com/Articles/2011/10/24/363817/piper-ices-altaire-jet-begins-layoffs.html