Gulfstream Signs $1.9 Billion Agreement with NetJets

Gulfstream Aerospace Corp. has reached an agreement with NetJets to supply a total of 40 new Gulfstream aircraft. The deal also includes a long-term maintenance support agreement.


FALLS CHURCH, Va. , June 20 /PRNewswire-FirstCall/ -- Gulfstream Aerospace Corp., a wholly owned subsidiary of General Dynamics (NYSE: GD), has reached an agreement with NetJets to supply a total of 40 new Gulfstream aircraft. The agreement is valued at approximately $1.9 billion. Four Gulfstream G450s and four Gulfstream G550s will be delivered to NetJets each year from 2012 through 2016. This deal also includes a long-term maintenance support agreement.

NetJets has over 90 percent of the long-range cabin fractional market and is the largest operator of Gulfstream aircraft in the world. As of June 2008 NetJets' worldwide Gulfstream fleet totals 110 and is comprised of 21 Gulfstream G550/V, 55 Gulfstream G450/400/IV-SP and 34 Gulfstream G200s.

NetJets Inc., a Berkshire Hathaway company, is the worldwide leader in private aviation and provides the safest and most secure private aviation solutions. NetJets fractional aircraft ownership allows individuals and companies to buy a share of a private business jet at a fraction of the cost of whole aircraft ownership, and guarantees availability 365 days a year with just a few hours' notice. The NetJets programs worldwide offer the largest and most diversified fleet in private aviation, which includes 15 of the most popular business jets in the world.

Gulfstream Aerospace Corporation designs, develops, manufactures, markets, services and supports the world's most technologically advanced business-jet aircraft. Gulfstream has produced some 1,600 aircraft for customers around the world since 1958. To meet the diverse transportation needs of the future, Gulfstream offers a comprehensive fleet of aircraft, comprising the wide-cabin, high-speed Gulfstream G150(R); the large-cabin, mid-range Gulfstream G200(R); the large-cabin, mid-range Gulfstream G350(R); the large-cabin, long-range G450(R); the large-cabin, ultra-long-range Gulfstream G500(R); the large-cabin, ultra-long-range Gulfstream G550(R) and the ultra-large-cabin, ultra-long-range G650(R). Gulfstream also offers aircraft ownership services via Gulfstream Financial Services Division and Gulfstream Pre-Owned Aircraft Sales(R). The company employs more than 9,700 people at seven major locations.

General Dynamics, headquartered in Falls Church, Va., employs approximately 84,000 people worldwide and reported 2007 revenues of $27.2 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at http://www.generaldynamics.com.

SOURCE General Dynamics

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