Company to Add Additional G450s and G550s to Its Fleet
Woodbridge, NJ, June 20, 2008 – NetJets, the worldwide leader in private aviation, announced today that it will significantly expand its fleet of large-cabin Gulfstream G450s and Gulfstream G550s. In a new agreement signed with Gulfstream valued at $1.9 billion, NetJets will acquire a total of 40 new Gulfstream aircraft - four Gulfstream G450s and four Gulfstream G550s to be delivered each year from 2012 through 2016. This deal also includes a long-term maintenance support agreement.
The new contract reinforces an already robust relationship between NetJets and Gulfstream, demonstrating NetJets continued support of Gulfstreams cutting-edge aviation products and renowned service programs. Part of the new deal includes more than $250 million in maintenance support. Under its current agreement with Gulfstream, signed in 2006, NetJets receives four Gulfstream 450s and four Gulfstream 550s each year through 2011.
“This contract recognizes the continued success of Gulfstream aircraft in the NetJets fractional ownership program and the strong partnership between the two companies,” said Joe Lombardo, president, Gulfstream Aerospace. “This deal was made possible in large part due to the long-standing relationship and comfort level Gulfstream Aerospace has developed by working so closely with the talented group of experienced professionals at NetJets International, which operates the large cabin fleet. That relationship has contributed an historical business platform in support of Gulfstreams continually increasing worldwide product-support capabilities.”
Larry Flynn, senior vice president, Marketing and Sales, Gulfstream Aerospace, added: “Jim Jacobs, vice-chairman of NetJets Inc., with whom I have worked very closely with now for many years, as well as Richard Santullis support of the overall NetJets/Gulfstream relationship, is highly valued at Gulfstream. This relationship was also a critical part of our decision to enter into this agreement with NetJets International.”
NetJets has over 90% 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. Access to the NetJets fleet is also available in the form of a short-term lease, sold on an all-inclusive, pre-paid basis in 25-hour increments, through an exclusive alliance with Marquis Jet Partners. NetJets Inc. also offers aircraft management, charter management, and on-demand charter services through its subsidiary, Executive Jet Management. More information on NetJets, the Marquis Jet Program, and Executive Jet Management is available at www.netjets.com.
The Gulfstream Large Cabin Fleet is operated by NetJets International/NJI. The BBJ is operated by NetJets Large Aircraft Company. All other aircraft offered by NetJets in the United States are operated by NetJets Aviation. Each of these operating companies is a wholly owned subsidiary of NetJets Inc. All aircraft offered by NetJets in Europe are operated by NetJets Transportes Aéreos, SA a Portuguese/EU Air Carrier. The Marquis Jet Card Program is operated by NetJets under its FAR Part 135 Air Carrier Certificate. NetJets has an affiliation with the provider of the NetJets Middle East Program.
