GD Chief Optimistic about 2010/11
At a Bank of America/Merrill Lynch Global Industrial Conference last month, General Dynamics chief Jay Johnson said that his company’s aerospace division–namely Gulfstream and Jet Aviation–hit their troughs last year. He said the prospects for both companies this year are good, and he expects next year to be a strong growth year, especially for Gulfstream. Johnson noted that Gulfstream orders have outpaced cancellations this year, and he continues to see positive market trends. He also said he was seeing “traction” in aircraft maintenance. “There is a building backlog for aircraft maintenance,” Johnson said, citing what he believes is pent-up demand for service since many operators deferred maintenance during the downturn.