BOSTON (TheStreet) -- Cirrus Aircraft is known to many as making private airplanes equipped with a built-in parachute to guide the cabin down in the event of a mishap.
Unfortunately, that safety feature could do little for a freefalling economy.
"It has been a massive change for us as a company and for the industry as a whole," says Cirrus CEO Brent Wouters of current economic realities. "I see the lower unit volumes that we are all experiencing, the reticence of consumers or businesses to buy airplanes, and isn't about to switch back. This is a long-term problem. Even in my five-year projection, I don't see the business returning to the level that it was in 2007."
It won't be for lack of trying. The company's newest product, the SR22-T, is said to be its quietest, among the fastest and a leader in alternative fuel capabilities and GPS equipment that makes it easier and safer to fly.Earlier this month, the General Aviation Manufacturers Association released the industry's second-quarter shipment and billings figures. In the first half of this year, total general aviation airplane shipments fell 9.8%, from 1,039 units last year. By comparison, during the first half of last year, shipments fell 45.9%.
|As it recovers from the lessened demand for private aircraft, Cirrus Aircraft is looking to generate industry buzz with the recent debut of the Cirrus SR22-T.|
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