News Release
GULFSTREAM CONFIRMS CONTRACT FOR 67 GULFSTREAM 200 BUSINESS JET AIRCRAFT
Savannah, GA, December 14, 2001 - Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD) today confirmed an order with a potential value of $1.5 billion from Avolar, a UAL Corporation subsidiary. The order, which was announced during General Dynamics' third quarter financial results on October 17, 2001, and was included in the company's third quarter 2001 10Q filing, is for twenty-four Gulfstream 200Ò business jet aircraft with options for forty-three more. In addition, Gulfstream and Avolar will enter into a long-term maintenance agreement. The total value of the order, options and maintenance agreement exceeds $2 billion. The first deliveries of Gulfstream 200s will be made in 2002 and, with options, will extend through 2007. Each aircraft will be covered by a 10-year maintenance agreement.
"In choosing the G200 for a major role in its fractional ownership program, Avolar is reaffirming its confidence in Gulfstream, the G200's performance and economy," said Bill Boisture, Gulfstream president and chief operating officer.
Gulfstream business jet aircraft will play an important role in launching Avolar's fractional ownership program next year. To date, Avolar has placed orders and options for 102 Gulfstream business aircraft.
"We are impressed by the Gulfstream 200," said Stuart Oran, Avolar president and chief executive officer. "It's a high performance business jet aircraft with an optimal combination of cabin size, performance and reliability. Another important factor in our decision was Gulfstream's strong reputation for providing high levels of service and support."
This order is in addition to the seven Gulfstream IV-SPs and five Gulfstream V business jet aircraft, with options for nine GIV-SPs and fourteen GV-SPs that Gulfstream and Avolar announced in June, 2001. That initial order, including a similar, long-term maintenance agreement, was valued at $1.25 billion.
This is the second large-fleet order for the Gulfstream 200. In May, Gulfstream received a firm order from Executive Jet, Inc. for fifty G200s with options for fifty more of the popular super mid-size business jet aircraft.
The G200 offers a large cabin, intercontinental range and relatively low acquisition and operating costs. Capable of flying 3,620 nautical miles at speeds of up to .82 Mach, the G200 cruises at altitudes of up to 45,000 feet.
NOTE TO EDITORS:
Gulfstream Aerospace Corporation designs, develops, manufactures, markets and services the world's most technologically advanced intercontinental business jet aircraft. Gulfstream has produced more than 1,200 aircraft for customers around the world since 1958. To meet the aviation needs of its customers, Gulfstream offers a full range of aircraft products and services, including the Gulfstream 100®, Gulfstream 200®, Gulfstream IV-SP®, the ultra-long range Gulfstream V® and Gulfstream V-SP®, Gulfstream Shares®, Gulfstream Financial Services®, Gulfstream Lease®, Gulfstream Pre-Owned Aircraft Sales®, Gulfstream Charter Services®, Gulfstream Management Services® and Gulfstream ServiceCare®. The company employs some 8,300 people at eight locations. We invite you to visit our web site for more information and photos of Gulfstream aircraft at www.gulfstream.com.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people and anticipates 2001 sales of approximately $12 billion. The company has leading market positions in business aviation, information systems, shipbuilding and marine systems, and land and amphibious combat systems. More information about the company can be found at www.generaldynamics.com.
