Bucking the current economic tide, Gulfstream Aerospace and Jet Aviation parent company General Dynamics yesterday posted strong revenues and profits for 2008, thanks in no small part to its aerospace division. Overall the company posted $29.3 billion in revenues and $2.48 billion in profits last year, up from $27.2 billion and $2.1 billion in the respective previous periods.
The UK Civil Aviation Authority (CAA) has approved Gulfstream’s London Luton Service Center to perform maintenance on EASA-registered Gulfstream G150s.
The amended certificate means the maintenance facility can now provide comprehensive service for the Gulfstream G550, G500, G450, G350, G200, G150, G400 and G300 as well as the GV, GIV-SP, GIV, GIII and GII.
Gulfstream Aerospace recently launched BudgetPlus, a parts subscription service that offers mid-cabin Gulfstream owners and operators a way to manage their annual maintenance costs. The launch formalizes a pilot program Gulfstream introduced in 2005.
Gulfstream has formally launched the BudgetPlus service, offering cost-assured parts provision for owners of the Astra, G100, G150 and G200. The company had been running the service as a pilot program to test an hourly-cost parts subscription service for owners of its mid-cabin jets who want predictable annual maintenance costs. BudgetPlus customers pay a flat hourly fee, which covers exchange and consumable parts.
Despite facing the gravest economic slowdown in decades, officials for Gulfstream Aerospace (Chalet No. 24) say they remain optimistic about the long-term health of business aviation and point to the Middle East market as an enduring bright spot.
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 General Dynamics today finalized its purchase of Zurich, Switzerland-based Jet Aviation for approximately $2.18 billion, significantly expanding the General Dynamics aftermarket service footprint around the world. The move not only increases General Dynamics’s maintenance and completions/refurb capability worldwide but also adds 15 FBOs to its portfolio, including five in the U.S. At Gulfstream’s Savannah, Ga.
The second phase of a new Savannah Service Center for Gulfstream Aerospace is under way and slated to enter service by next year’s third quarter. According to Gulfstream, it will be the largest maintenance facility in the world built specifically for business jets.
Despite what parent company General Dynamics chairman and CEO Nicholas Chabraja termed a “tumultuous period in the markets and dislocation in the financial services sector,” Gulfstream Aerospace “had a terrific [third] quarter.” Aircraft sales in the quarter climbed 4.3 percent as a result of orders for large-cabin Gulfstreams and the new larger-cabin G650, though Chabraja noted there was a “soft spot” in sales of the midsize G150 and, to some
Gulfstream Aerospace at the NBAA Convention last month took the wraps off the G250, a successor to the G200 (née Galaxy), marking the second new aircraft launch this year for the Savannah, Ga.-based manufacturer. The $24 million derivative is expected to address several shortcomings of Gulfstream’s super-midsize business jet offering, including runway performance, range and the lack of a hot-wing de-icing system.