Cessna Aircraft has completed its acquisition of fractional jet provider CitationAir.
The original company, called CitationShares until a name change last October, was started in 2000 as a 50-50 joint venture between Cessna and TAG Aviation Holding.
Cessna has gradually acquired a greater share over the years and yesterday acquired the remaining 8 percent.
CitationAir is based in Greenwich, Connecticut, and operates a fleet of 80 Citations offering jet cards, fractional jet shares and aircraft management.
The company is now a wholly owned subsidiary of Cessna, but maintains its separate operation.
Cessna is the world’s leading general aviation company, based on unit sales, with five major lines of business: Citation business jets, Caravan single-engine turboprops, Cessna single-engine piston aircraft, aftermarket services and lift solutions by CitationAir.
In 2009, Cessna delivered 754 aircraft, including 289 Citation business jets, and reported revenues of about $3.3 billion.