Carl Hirschmann, Jet Aviation’s former CEO and the eldest son of company founder Carl W. Hirschmann, died on July 31 in Zurich, Switzerland, after a battle with pancreatic cancer. He was 61. The younger Hirschmann, who was groomed by his father to lead the Zurich-based company, joined Jet Aviation in 1975 and rose to the position of CEO during the mid-1980s. Following a disagreement with his father, in 1984 Carl Jr.
Carl Hirschmann, former Jet Aviation CEO and the eldest son of company founder Carl W. Hirschmann, died on Friday in Zurich, Switzerland, after a brief battle with cancer. He was 61. The younger Hirschmann, who was groomed to lead the Zurich-based company eventually, joined Jet Aviation in 1975 and rose to the position of CEO during the mid-1980s.
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.
Gulfstream Aerospace parent General Dynamics yesterday finalized its purchase of Zurich, Switzerland-based Jet Aviation from Permira Funds private equity group for approximately $2.18 billion, significantly expanding General Dynamics’s aftermarket service footprint around the world. The deal was originally announced on August 19, but had to be approved by antitrust authorities before closing.
Gulfstream Aerospace parent company General Dynamics has 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 after Permira subsidiary Dreamliner Lux signed a SwF2.45 billion purchase agreement on August 19.
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.
AMAC Aerospace (Booth No. 651), the new Swiss completions, maintenance and refurbishing firm, is here at EBACE announcing it is on target to begin full operations when its first hangar–at EuroAirport Basel-Mulhouse-Freiburg–is completed in September. A spokesman indicated the company plans eventually to include aircraft management, charter and brokerage in its portfolio.
Inmarsat, the main satellite communications provider to civil aviation, maritime and land-mobile users, has been placed on the sales block after the company once again canceled plans to float a public stock offering. At press time, three suitors–Apollo Advisers, Apax Partners and Permira–were understood to be on the verge of submitting final bids to purchase the UK-based company, estimated to be worth about $1.6 billion.
AMAC Aerospace is preparing to open a new business aviation completions, refurbishment and maintenance facility in Switzerland next August. The Swiss start-up company, founded by former Jet Aviation CEO Heinz Kohli, will be based at EuroAirport Basel-Mulhouse-Freiburg, near Jet Aviation’s completions center in Basel. In late October, AMAC signed a 35-year lease on a 452,000-sq-ft site at the airport.
Jet Aviation was acquired by European private equity firm Permira Funds in 2005 and, barely a year later, bought major independent aviation services and completion center Midcoast Aviation of East Cahokia, Illinois. Now, the company has a new CEO–former Bombardier Business Aircraft president Peter Edwards–and is charting a course for the future.
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