Gulfstream has received some highly publicized orders for the G650, including a letter of intent (LOI) from Abu Dhabi-based Prestige Jet to purchase five aircraft. Gulfstream has not stated publicly how many orders it holds for the airplane, but the most recent earnings report from its parent company, General Dynamics, provides some data from which inferences can be drawn.
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.
Two weeks before Gulfstream Aerospace unveiled the G650 on March 13, a JP Morgan analyst report said the Savannah, Ga.-based aircraft manufacturer would launch two new aircraft models this year. It now appears that the launch of this second new Gulfstream–the G250, a successor to the super-midsize G200–is nearing and could possibly come at the NBAA Convention in October.
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.
The recent validation by Europe’s Joint Aviation Authorities of the Gulfstream 300 and 400 enables these business jets to receive JAA-approved certification by, and be registered in, any of the 37 JAA-member countries. Gulfstream expects JAA validation of the G500 and G550 by year-end. Meanwhile, the company also received JAA validation to work on European-registered G300s and 400s at its new service center at London Luton Airport.
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.
Scott Donnelly has left his position as president and CEO of GE Aviation to take on the role of executive vice president and COO of Textron, the parent company of Cessna and Bell Helicopter. Donnelly spent 19 years at GE, most recently heading
up the company’s jet engine and aircraft systems division. David Joyce, formerly vice president for commercial engines at GE, replaces Donnelly.
In the five years since Gulfstream established its maintenance center at London Luton, the facility has grown from 28,000 to 56,000 sq ft. It is the only Gulfstream-owned service center to be operated outside the U.S. The MRO became the first FAA-certified aircraft maintenance center outside the U.S. to be awarded the FAA’s Aviation Maintenance Technician Diamond Certificate of Excellence.
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.