NetJets Finalizes Deal To Buy 50 Hawker 4000s

 - January 16, 2007, 6:03 AM

Following up on a tentative agreement reached nearly nine months ago, Raytheon Aircraft and NetJets signed a contract for the purchase of 50 Hawker 4000s (née Horizons) for the latter company’s fractional fleet. In addition, there is a separate 10-year guaranteed maintenance program. Raytheon Aircraft said the combined total value of these contracts will exceed $1 billion, the largest single commercial order in the company’s history. Deliveries are scheduled to start in 2007 and continue through 2013. In mid-2003 NetJets canceled a 1999 order for 50 of the super-midsize business jets because of the aircraft’s certification delays. The Hawker 4000, which is still not expected to be fully certified until year-end, was originally scheduled to receive FAA approval in spring 2001. A major reason for the delay in turning the tentative sales agreement into a sales order was that both parties wanted to wait until NetJets and its pilots signed a new work contract, which occurred last month.