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General Dynamics Completes Acquisition of Jet Aviation

Written by thomas · Filed Under Aeronautics News 

November 5, 2008

thomas

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

FALLS CHURCH, Va., Nov. 5 /PRNewswire-FirstCall/ — 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.
More information about the company is available online at
http://www.jetaviation.com.

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. More information about General Dynamics is available online
at http://www.gd.com.

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