Thursday, November 6, 2008

General Dynamics Completes Acquisition of Jet Aviation

General Dynamics Completes Acquisition of Jet Aviation

Transaction creates worldwide business-jet support network and expands General Dynamics’ Aerospace operations into global flight-support services

FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today completed its acquisition of Zurich, Switzerland-based Jet Aviation for CHF 2.45 billion (approximately $2.18 billion) from Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds. The companies announced the plans for the acquisition in August.

Jet Aviation was founded in Switzerland in 1967 and is one of the world's leading business-aviation services companies. Approximately 5,600 Jet Aviation 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); aircraft management, flight support and global executive-jet charter services; and aircraft sales, 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.

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. Current management will remain in place.

“We are very pleased to add Jet Aviation to the industry leading portfolio of business-aviation products and services that currently are provided by the General Dynamics Aerospace group, and to partner with the current management team to continue its success. As a unit of General Dynamics, Jet Aviation positions us to capture additional growth opportunities in the business-aviation market,” said Nicholas D. Chabraja, General Dynamics chairman and chief executive officer.

Jet Aviation and its principal subsidiary companies, Midcoast Aviation (St. Louis, Mo.) and Savannah Air Center (Savannah, Ga.), operate in nine U.S. locations, including Bedford/Boston, Mass.; Chicago, Ill.; Dallas and San Antonio, Texas; Lambert, Mo.; Palm Beach, Fla.; and Teterboro, N.J. The company also operates facilities in Basel, Geneva and Zurich, Switzerland; Beijing and Hong Kong, China; Cologne, Dusseldorf, Hannover and Kassel, Germany; Dubai, UAE; Jeddah and Riyadh, Saudi Arabia; Kuala Lumpur, Malaysia; London Biggin Hill, U.K.; Moscow Vnukovo, Russia; and Singapore.

The General Dynamics Aerospace group designs, develops, manufacturers and services a comprehensive offering of advanced business-jet aircraft, and has a strong reputation for superior aircraft design, safety, quality and reliability; technologically advanced onboard systems; and award-winning product support.

General Dynamics, headquartered in Falls Church, Va., employs approximately 91,200 people worldwide. 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.
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