After months of secret testing at its headquarters in Vero Beach, Piper Aircraft Inc. on Thursday unveiled a new six-seat plane known as the Piper Matrix.
The company expects to beef up its staff to produce the plane, adding as many as 200 employees in Vero.
"Right now, with the current orders we have on the books, we could see a significant expansion of employees and our operation," said James Bass, Piper's chief executive officer.
Already, he said more than 100 customers have placed orders for the Matrix, which will sell for $757,000.
Piper executives revealed the single-engine, general-aviation plane Thursday at the Aircraft Owners and Pilots Association Expo in Hartford, Conn. The first has rolled off the production line, and customers will start receiving planes in November.
The Matrix is an adaptation of Piper's Malibu Mirage, and the company says it has more space, longer range and more power than other planes in its class. The 350-horsepower piston engine will allow for a maximum cruise speed of 247 mph and a full-fuel range of 1,548 miles.
Though its cabin will have a luxurious look, it won't be pressurized, a factor that keeps the price down but limits a pilot's ability to fly above bad weather.
"The kind of customer that we are targeting is actually someone who is an experienced pilot who is stepping up from our competitors' planes," Bass said, pointing to Cirrus as an example.
The Matrix announcement comes a year after Piper revealed it was developing the $2.2 million PiperJet, which is scheduled to hit the market in 2010. But it's been more than four years since Piper debuted a nonjet model.
The planemaker hasn't kept pace with some of its competitors when it comes to new models, said Doug Royce, an aviation analyst with Newton, Conn.-based Forecast International Inc.
"This is not an entirely new airplane," Royce said of the Matrix. "It's just a variation of an airplane that they have in existence. But it does show they're thinking about new customers."
Despite the housing slump and subsequent credit crunch, general-aviation aircraft sales have remained strong in recent years. Piper reports that customers are turning to its planes as alternatives to flying commercially.
"I think definitely travelers want to avoid the frustration of congestion caused by over-scheduling," said Katie Pribyl, spokeswoman for the Washington-based General Aviation Manufacturers Association.
The Matrix production could be a boon for Vero, which is competing to keep Piper's headquarters local.
After 50 years in the Treasure Coast, Piper is deciding whether to stay put or move to Albuquerque, N.M., or Oklahoma City. It has more than 1,000 workers in Vero Beach and will need about 500 more for the PiperJet.
On Tuesday, Indian River County and Vero officials agreed in concept to a $36 million incentive package for Piper. The county and city must settle on a contract with the company before a decision is made.
Piper Matrix
Cost: $757,000
Seats: Six
Engine: Single, 350-horsepower piston engine
Maximum speed: 215 knots (247 mph)
Range: 1,548 miles (1,345 nautical miles) fully fueled at maximum altitude
Maximum altitude: 25,000 feet
Source: Piper Aircraft
