A General Electric spokesman confirmed the sale of its Garrett Santa Barbara completion center to Yankee Pacific and WestCap Partners Private Equity Fund. The deal is expected to close by the end of the month. The Santa Barbara, Calif.-based facility delivered the second of two Boeing Business Jet completions this year and has a contract with Bombardier for a series of Global Express completions.
Santa Barbara, California
General Electric will close its Garrett Santa Barbara (Calif.) completion center this month, a result of a downturn in “current market conditions.” At press time the facility was completing the interiors of two Global Expresses. The operation opened in 1999 at Santa Barbara Municipal Airport and was originally dedicated to the completion of Boeing Business Jets. Only two BBJs were finished there, both well behind schedule.
General Electric’s Garrett Santa Barbara completion center, opened in mid-1999 for the express purpose of outfitting Boeing Business Jets, is scheduled to close next month following a troubled three-year history.
The announcement last month by GE was described as part of a decision by the parent company “to adjust its business activities to the current market conditions.”