Mooney Airplane Company has scaled back production from eight aircraft per month to five and has laid off 80 employees. Reduced demand for piston aircraft is blamed for the cutbacks, with sales down 28 percent in the last reporting period by the General Aviation Manufacturers Association. Perhaps due to the falling value of the U.S. dollar, company CEO Dennis Ferguson said his strategy going forward will be to target international markets, strengthening Mooney’s certification and sales efforts in Europe, South America and Australia.
Mooney Cutting Back; Eyes Overseas Markets
Key Takeaways:
- Mooney Airplane Company has reduced aircraft production from eight to five per month and laid off 80 employees due to a 28% drop in piston aircraft demand.
- The company's CEO, Dennis Ferguson, plans to counter the reduced demand and falling U.S. dollar by focusing on international markets.
- Mooney will strengthen its certification and sales efforts in Europe, South America, and Australia as part of its new strategy.
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