Paris, July 17, 2019
Textron Inc. (NYSE:TXT) has decided to put on hold the Hemisphere program, for which Safran Aircraft Engines' Silvercrest had been selected.
The initial contract between Cessna (Textron Aviation) and Safran Aircraft Engines is terminated with no financial impact for either partner.
While the Aircraft / Engine combination does not currently meet all the objectives, the Silvercrest engine development has made the intended progress over the past 12 months. The new High Pressure compressor shows performance for which ground tests results have exceeded expectations. Upcoming tests are planned to further confirm engine improvements and complete the overall engine performance and durability validation.
Safran Aircraft Engines continues to work on the Silvercrest technology suite as a R&T platform and will update Textron Inc. on the product completion thus providing them with an opportunity for a reassessment of the situation.
Safran is an international high-technology group, operating in the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with more than 92,000 employees and sales of 21 billion euros in 2018. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of around 1.5 billion euros in 2018.
Safran is listed on the Euronext Paris stock exchange, and is part of the CAC 40 and Euro Stoxx 50 indices.
Catherine MALEK+33 (0)1 40 60 80 28
Cécilia MATISSART+33 (0)1 40 60 82 46
Jean-François JUERY+ 33 (0) 1 40 60 27 26
Florent DEFRETIN+ 33 (0) 1 40 60 27 30