News Release
GULFSTREAM RECEIVES $1.25 BILLION CONTRACT FOR 35 BUSINESS JET AIRCRAFT FROM UAL CORP'S BIZJET SUBSIDIARY
United Chooses Gulfstream, The World Standard in Business Aviation, to Launch its New Venture
Paris, France, June 17, 2001 - Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE:GD), announced today that it has received a firm order from UAL Corporation's subsidiary, United Bizjet Holdings, for 12 business jet aircraft with options for 23 more. The firm orders are for seven Gulfstream IV-SPs and five Gulfstream Vs; the options are for nine GIV-SPs and 14 GV-SPs. In addition, Gulfstream and United Bizjet will enter into a long-term maintenance agreement for support of the fleet. The total value of the order and options is approximately $1.25 billion. UAL Corporation (NYSE:UAL) is a holding company whose primary subsidiary is United Airlines. United Bizjet, UAL's newest subsidiary, will begin operations in the fractional ownership market with additional plans to provide corporate shuttle and charter service.
The Gulfstreams, recognized around the world as the safest, most reliable, most comfortable, high-performance business aircraft ever built, will be the backbone at the launch of United Bizjet's new program, scheduled to launch next year. The first aircraft, a GIV-SP, will be delivered in May 2002. Deliveries with options will extend to 2006.
"The choice of Gulfstream reflects United Bizjet's confidence in our Company's ability to support the variety of applications it envisions for business aircraft," said Bill Boisture, Gulfstream president and chief operating officer. "Our people, product support and service network provide the capability to support their venture worldwide at the high
levels of service required by their business plan."
In five years, United Bizjet anticipates serving its growing customer base with a fleet of up to 200 business jet aircraft. According to Stuart Oran, president of United Bizjets, United decided to start this program two years ago when its management identified the growing business aviation market as a core area for expansion.
"We selected Gulfstream because of its strong reputation in the market for safety,
comfort and reliability, and the Company's long-term commitment to product support and service," Oran said. "Gulfstream's innovation, flexibility and production capacity
respond very nicely to our requirements as a start-up venture of a major airline corporation."
"Gulfstream is pleased to be opening this new market with United Bizjet and to be selected to help implement its business plan," Boisture added. "The market access to transportation services in conjunction with a major air carrier affords us an excellent opportunity for future growth."
NOTE TO EDITOR
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE:GD), designs, develops, manufactures and markets 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 more than 8,750 people at seven locations. We invite you to visit our Web site at www.gulfstream.com for photos of Gulfstream aircraft and related information.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 47,000 people and anticipates 2001 sales of approximately $11.5 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.
