News Release
GULFSTREAM ANNOUNCES LIMITED FOUR-WEEK FURLOUGH PROGRAM
Furlough is in Response to Reduced Market Demand for Business Jets
SAVANNAH, Ga., May 1, 2003 - Gulfstream Aerospace, a wholly owned subsidiary of General Dynamics (NYSE; GD), today announced a four-week shut-down of its initial phase of manufacturing operations in Savannah, placing more than 1,000 employees on furlough from June 30 through July 27.
Management and non-management employees in direct manufacturing departments and designated employees in support departments will be affected. Customer deliveries and customer service will not be affected.
“ With sales at a level well below prior years, we don’t need to build as many planes as originally planned,” said Bryan Moss, president, Gulfstream. “We determined that a shut-down and furlough was the best way to reduce the number of planes to match market demands.”
Affected employees will be allowed to take vacation or use accrued personal business time, if they so choose. They will also maintain benefits such as medical insurance and accrue service time for pension purposes.
Aircraft manufactured in Savannah include the large-cabin, mid-range Gulfstream G300; the large-cabin, long-range G400; the large-cabin, ultra-long-range G500 and G550.
NOTE TO EDITORS
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), designs, develops, manufactures, markets, services and supports the world’s most technologically advanced business jet aircraft. Gulfstream has produced more than 1,300 aircraft for customers around the world since 1958. To meet the diverse transportation needs of the future, Gulfstream offers a comprehensive fleet of aircraft, comprising the mid-cabin, high-speed Gulfstream G100™; the wide-cabin, high-speed Gulfstream G150™; the large-cabin, mid-range Gulfstream G200™; the large-cabin, mid-range Gulfstream G300™; the large-cabin, long-range Gulfstream G400™; the large-cabin, ultra-long-range Gulfstream G500™ and the large-cabin, ultra-long-range Gulfstream G550™. Gulfstream also offers aircraft ownership services via Gulfstream Financial Services Division and Gulfstream Pre-Owned Aircraft Sales®. The company employs more than 7,400 people at seven major 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, Va., employs approximately 57,000 people worldwide and had 2002 revenues of $13.8 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation. More information about the company can be found on the World Wide Web at www.generaldynamics.com.
