United Technologies, the parent company of engine maker Pratt & Whitney Canada and helicopter manufacturer Sikorsky, reached an agreement yesterday to purchase Goodrich for $18.4 billion. The announcement followed speculation over the prior week that United Technologies was looking to acquire Goodrich, Rockwell Collins or Cessna Aircraft parent company Textron.
The first six months of the year proved disheartening for those who hoped for an uptick in aircraft deliveries. According to first-half numbers provided by the General Aviation Manufacturers Association (GAMA), total industry billings were down 22.3 percent compared with the first half of last year, to $7.3 billion, from $9.4 billion, while total shipments were off 15.5 percent in that span.
Gulfstream parent company General Dynamics announced last month that Larry Flynn will succeed Joe Lombardo as president of the Savannah-based airframer, starting September 1.
The newly renamed G280 (formerly G250) is on schedule to enter service later this year, after certification by the Civil Aviation Authority of Israel (CAAI), then EASA and the FAA. The first production G280 was delivered to Gulfstream’s completion center in Dallas in early August for interior outfitting and paint.
“Second-quarter Gulfstream orders were the largest we’ve seen since the economic downturn began,” said Jay Johnson, chairman of Gulfstream Aerospace parent company General Dynamics. In the three-month period, Gulfstream’s backlog climbed $428 million to $18 billion, representing an 18- to 24-month supply for in-production large-cabin jets.
Gulfstream parent company General Dynamics announced today that Larry Flynn will succeed Joe Lombardo as president of the Savannah-based airframer starting September 1. Lombardo served not only as president of the jet maker since 2007 but also as executive vice president of General Dynamics’s aerospace group, and he will retain the latter title. “This will enable Mr.
China’s Minsheng Financial Leasing signed a memorandum of understanding (MoU) for up to 50 midsize and large-cabin Gulfstreams last month. According to reports, the MoU covers an unspecified mix of G280s (née G250), G450s, G550s and G650s worth a potential $2.6 billion. The MoUs are expected to be converted into firm orders over the next three to five years.
Though battered and bruised over the last few years by what seems like a daily barrage of negative global economic news, the pre-owned market participants have become somewhat immune and are apparently now shrugging it off. Consider the continuing month-over-month reduction in the overall number of choices, which recently slipped to just a tick under October 2008 levels, when the bottom fell out.
“Second-quarter Gulfstream orders were the largest we’ve seen since the economic downturn began,” Jay Johnson, chairman of Gulfstream Aerospace parent company General Dynamics, said yesterday during an investor conference call. In the three-month period, Gulfstream’s backlog climbed $428 million to $18 billion, representing an 18- to 24-month supply for in-production large-cabin jets.
Just when the business aviation industry appears to be weathering the economic storm comes another series of blows.