U.S. manufacturer Nextant Aerospace is taking its innovative 400XT remanufactured business jet to the home turf of Brazilian rival Embraer, this week's Latin American Business Aviation Convention and Exhibition in Sao Paulo.

Nextant Aerospace pioneered remanufacturing for the business jet market, giving it a significant price edge over competitors, including Embraer, which has used cost as a major selling point.

Nextant 400XT is based on a Beechjet 400A/XP airframe that is enhanced with new, state-of-the-art technology.

The remanufacturing process involves renewing all life-limited components in an aircraft to zero-time status through replacement or overhaul, producing a plane that is said to be 88 percent new. Costs per unit can often be halved in the process. Production began in late 2011.

The Latin American Business Aviation Convention and Exhibition opened at Sao Paulo's Congonhas Airport Wednesday and will conclude Friday. Competition among manufacturers this year is brisk amid sluggish sales elsewhere in recession-bound aviation and defense markets.

The Nextant 400XT aircraft is the world's only FAA-certified remanufactured business jet and the first to be displayed at the business aviation convention.

The aircraft has a range of 2,005 nautical miles with two pilots, four passengers and Instrument Flight Rules reserves, allowing nonstop flights from Sao Paulo to regional destinations Buenos Aires, Lima and Santiago.

Flights originating in more northerly locales, such as Bogota, Columbia and Caracas, Venezuela, can reach North American destinations nonstop.

"We are proud to introduce the Nextant 400XT to Latin America, a market with tremendous potential," Nextant Aerospace Chief Executive Officer Kenneth C. Ricci said.

"Latin America's fast-growing nations, increasing global economic integration and affluent, sophisticated travelers make it a natural market for a plane with the capabilities of the 400XT," Ricci said.

He said 40 percent of the aircraft's sales so far were to buyers outside North America.

The 400XT comes equipped with advanced features including the Williams FJ44-3AP turbofan engine, the Rockwell Collins Pro Line 21 integrated avionics suite, advanced electronics, including high-speed wireless Internet service and complete custom interiors, all at a cost about half that of competing "clean-sheet" designs, the manufacturer said.

The aircraft has a cruising speed of 460 nautical miles per hour and supports a 30 percent reduction in operating costs over the Beechjet 400 A/XP, fuel efficiency improvements of up to 20-30 percent, reduced carbon emissions and noise compliance that exceeds Stage IV requirements.

Expanded manufacturing facilities will enable Nextant to support a production rate of up to 48 aircraft per year by the end of 2013, the company said.

The 400XT is delivered as a new aircraft with a two-year, full aircraft warranty.

Nextant has headquarters in Cleveland, where it also maintains a design and manufacturing facility at the Cuyahoga County Airport.