Mooney Cutting Back; Eyes Overseas Markets

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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.