After an evaluation of the light jet market and current forecasts, Piper Aircraft Inc. has announced that they are indefinitely suspending development of the Piper Altair business jet. President and CEO Simon Caldecott's reasoning being that the light jet market has not recovered sufficiently or quickly enough to continue under the current economic circumstance.

Piper does plan to continue making improvements to the current piston and turbo prop product lines. They also plan on implementing programs to preserve as many jobs as possible.

Due to this announcement, Piper is planning on progressively laying off approximately 150 employees. Piper does plan to assist those employees in finding job placement by aggressively working with other aviation companies which are looking to hire.

For more information, visit Piper.com for the latest press release.