TXT Textron Inc

   by Antonia Di Lorenzo 
 

An initial contract between France's Safran SA (SAF.FR) and Textron Inc. (TXT)-owned Cessna has been terminated.

The move comes after Textron decided to put on hold its Hemisphere aircraft program, for which Safran Aircraft Engines' Silvercrest had been selected, the French company said Wednesday.

"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," Safran said.

The termination of the contract has no financial impact, it added.

"Safran Aircraft Engines continues to work on the Silvercrest technology suite...and will update Textron Inc. on the product completion thus providing them with an opportunity for a reassessment of the situation," it said.

Write to Antonia Di Lorenzo at antonia.dilorenzo@wsj.com

(END) Dow Jones Newswires

July 17, 2019 10:37 ET (14:37 GMT)

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