General Dynamics, parent company of Gulfstream Aerospace, today agreed to pay approximately $2.25 billion to buy Jet Aviation from the Permira Funds private equity group. Subject to antitrust legal approval, General Dynamics’ acquisition of all Jet Aviation stock should be complete by year-end.
Gulfstream deliveries are down. In its report for the first half, parent company General Dynamics revealed that Gulfstream Aerospace second-quarter green deliveries were down from 24 aircraft last year to 19 aircraft this year, and that deliveries had dropped from 51 airplanes in the first half of last year to 34 airplanes in the first six months of this year. According to the General Aviation Manufacturers Association, the Savannah, Ga.
Three people were injured–one critically–during an explosion on July 2 at the Gulfstream Aerospace plant in Savannah, Ga. According to the company, two contractors were performing leak tests on oxygen bottles inside a building when a flash fire occurred. A Gulfstream employee who tried to help the two men also suffered burns.
Gulfstream Aerospace parent General Dynamics late last month reported a 25-percent increase in profits during the second quarter, thanks in large part to climbing sales of Gulfstream business jets. The company posted a second-quarter profit of $641 million, up from $513 million in the same period a year ago, on sales of $7.3 billion.
Gulfstream Aerospace parent General Dynamics yesterday reported a 25-percent increase in profits during the second quarter, thanks in large part to climbing sales of Gulfstream business jets. The company posted a second-quarter profit of $641 million, up from $513 million in the same period a year ago, on sales of $7.3 billion.
As the British subsidiary of a leading American defense contractor majoring in sensitive communications and intelligence technologies, General Dynamics UK (Chalet A34) treads an interesting but complex path. On the one hand, the company is a portal for the import and adaptation of U.S. systems that help the British armed forces achieve connectivity and interoperability.
Gulfstream Aerospace has announced it is extending the same benefits package to previously owned Gulfstream 100 and Gulfstream 200 jets that it has traditionally offered on the sale of other previously owned Gulfstream business jets. Gulfstream Aerospace acquired the type certificates for the G100 and G200–midsize and super-midsize bizjets, respectively–in the June acquisition of Galaxy Aerospace by parent company General Dynamics.
Gulfstream Aerospace appointed Larry Flynn senior vice president for marketing and sales. He will replace Raynor Reavis, who has announced his retirement. Flynn remains a v-p of Gulfstream parent General Dynamics. Mark Burns will take Flynn’s positions as president for Gulfstream product support and president of General Dynamics Aviation Services.
In 1996 Brian Barents accepted a position with the newly formed Galaxy Aerospace, and along with it the responsibility for integrating the assets of Astra Jet Corp., a struggling New Jersey company with a single product–the midsize Astra SPX.
Barents, president and CEO, was also a part owner of Galaxy Aerospace, along with Chicago’s Pritzker Group and Israel Aircraft Industries (IAI), manufacturer of the Astra SPX.
The Pritzkers of Chicago–one of the nation’s wealthiest families, with controlling interest in the Hyatt hotel chain and one-time part owner of the former Galaxy Aerospace–agreed to pay a record $460 million to the federal government to avoid possible lawsuits from the failure of its Superior Bank.