Jet Aviation now officially part of GD

 - December 1, 2008, 4:47 AM

Concluding a transaction first announced in August, General Dynamics last month finalized its purchase of Jet Aviation at a cost of approximately $2.18 billion from Dreamliner Lux, a company controlled by the Permira Funds. “We are very pleased to add Jet Aviation to the industry-leading portfolio of business-aviation products and services that currently are provided by the General Dynamics Aerospace group, and to partner with the current management team to continue its success,” said Nicholas Chabraja, General Dynamics chairman and CEO. “As a unit of General Dynamics, Jet Aviation positions us to capture additional growth opportunities in the business-aviation market.” Zurich-based Jet Aviation–which includes subsidiaries Midcoast Aviation and Savannah Air Center–employs 5,600 workers worldwide at 25 airport  facilities, from Boston to Beijing, including 15 FBOs. The move also increases General Dynamics’s business aircraft maintenance and completions capability worldwide. Savannah Air Center is an authorized completions center for Bombardier’s Global 5000 and Global Express XRS, and Jet Aviation is an authorized completion center for Dassault Falcon in Basel and for Bombardier at Midcoast Aviation in St. Louis. The Jet Aviation acquisition also expands General Dynamics’s global maintenance capability, adding facilities in China, Germany, the Middle East, Malaysia, Russia and Singapore.

According to General Dynamics, during the past three years under the control of the Permira Funds, Jet Aviation has grown from a family-owned business to a global leader in business aviation services. Under the terms of the deal, it will continue to operate as a new business unit within the General Dynamics aerospace group.