WICHITA, Kan., July 14 /PRNewswire/ -- Raytheon Travel Air has signed its
550th owner, David K. Welles Jr., chairman and chief executive officer of
Therma-Tru Doors of Maumee, Ohio.
The milestone comes less than three years after the aircraft fractional
ownership company began business. Just 2 1/2 years ago Raytheon Travel Air
had 13 aircraft and 42 owners. Today, the fleet consists of 78 aircraft to
accommodate 550 owners.
"Our growth is impressive, but what's important to our customers is the
service we provide," said Gary Hart, president of Raytheon Travel Air. "Being
named No. 1 in service by an independent survey for two straight years is the
reason we are growing and successful."
Welles has relied on commercial and charter flights for his company's
travel needs. Fractional ownership will improve the company's efficiency and
lower its travel expenses.
"Flexibility is a big reason we chose Raytheon Travel Air - flexibility in
aircraft choice and in aircraft availability on short notice," said Welles,
who purchased a share of a Beechjet 400A light jet and a share of a King Air
B200 twin turboprop. "Safety was another key factor. I like that fact that
Travel Air's pilots are dedicated to flying a single model of aircraft."
Therma-Tru's flight hours will be used primarily to bring potential
customers to the manufacturing facilities, as well as for executive transport.
Therma-Tru, which manufactures and sells insulated door systems, has corporate
headquarters in Maumee and manufacturing facilities in Roland, Okla.; Butler,
Ind.; Fredericksburg, Va.; Wilmington, N.C.; Phoenix, Ariz.; and Matamoros,
Mexico.
"Having a share of both the Beechjet and the King Air will allow us to fly
into remote airport locations where a jet alone cannot," Welles said. "And
sometimes the King Air will be more efficient because we'll be taking a short
flight."
Raytheon Travel Air owners purchase shares of airplanes. How much of a
share is determined by how many hours the owners expect to use the airplane
annually. Although they may own a fraction of just one aircraft, the owner
can migrate, moving up or down to another model in the fleet to satisfy the
needs of a particular mission.
Travel Air's current fleet of 78 aircraft consists of 21 Hawker 800XP mid-
size business jets, 38 Beechjet 400A light business jets and 19 King Air B200
twin-engine turboprops.
In addition to selling shares of current production aircraft, the company
is accepting share orders for the new entry-level Raytheon Premier I and super
mid-size Hawker Horizon business jets. The Hawker Horizon and Premier I are
Raytheon's newest jets and are being built using composite technology and
other advanced manufacturing techniques.
Growth has been strong since the company's launch in August 1997, and it
was at record levels in 1999. Raytheon Travel Air had $230 million in sales
in 1999, and the number of shareowners enrolled in the program increased by
132 percent.
Since its inception, the program has logged more than 89,000 flight hours
on 65,000-plus flights. The company is currently averaging 125 flights per
day, and has an on-time record of 98.5 percent.
Raytheon Travel Air is a key element in Raytheon Aircraft's total air
transportation solution, which is comprised of new and used aircraft sales,
special mission capability, aircraft fractional ownership, a nationwide
network of fixed-base operations, worldwide parts distribution, and charter
and management services. Raytheon Aircraft, a unit of Raytheon Company
(NYSE: RTNA, RTNB) had revenues of $2.7 billion in 1999.
Raytheon is a global technology leader that provides products and services
in the areas of commercial and defense electronics and business and special
mission aircraft. Raytheon has operations throughout the United States and
services customers in more than 70 countries.
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
MeLinda Schnyder of Raytheon Aircraft
Company, 316-676-4770
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