Tue, Aug 19, 2008
Aims To Create Worldwide Bizjet Support Network
General
Dynamics announced Tuesday it has agreed to acquire Zurich,
Switzerland-based Jet Aviation for approximately $2.25 billion in
cash, in a move aimed at strengthening the company's presence in
the lucrative international business jet service market.
The proposed acquisition -- already approved by the boards of
directors at General Dynamics and Jet-owner Dreamliner Lux S.a.r.l.
-- is subject to normal regulatory approvals, and is expected to
close by the end of 2008.
"We are delighted to be acquiring Jet Aviation and partnering
with the current management team to continue its success. Under the
Permira Funds' ownership, Jet Aviation has become a global market
leader in business-aviation services; as a unit of General
Dynamics, Jet Aviation will support one of our core growth areas,"
said Nicholas D. Chabraja, General Dynamics chairman and CEO.
Jet Aviation was founded in Switzerland in 1967 and is one of
the world's leading business-aviation services companies. Close to
5,600 employees cater to clients' needs from 25 airport facilities
throughout Europe, the Middle East, Asia and North and South
America. Services provided include maintenance, repair and
overhaul; completions and refurbishments; engineering; fixed base
operations (FBO); along with aircraft management, flight support
and global executive-jet charter services; aircraft sales and
acquisitions and personnel services. In the past three years, under
the control of the Permira Funds, Jet Aviation has developed from a
family owned business to a global leader in business aviation
services.
Following completion of the acquisition, Jet Aviation will
continue serving the entire aircraft manufacturing community and
its global client base as a new business unit within the General
Dynamics Aerospace group operating under the Jet Aviation and
Midcoast Aviation brands.
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