General Dynamics Acquires Jet Aviation

Zurich-based Jet Aviation announced changes in its ownership structure. General Dynamics and Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds, which acquired a majority stake in Jet Aviation in October 2005, signed a sale and purchase agreement yesterday. As part of this agreement, General Dynamics will acquire all shares of the Jet Aviation Group. This transaction will expand General Dynamics Aerospace business aviation operations into global flightsupport services. "Our focus will continue to center on fulfilling our customer commitments while extending the global reach of our current lines of business,” said Peter G. Edwards, CEO of the Jet Aviation Group. The deal is subject to normal antitrust clearance and is expected to be closed by the end of 2008. Following completion of the acquisition, the company will continue with its current business model, serving the entire OEM 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. Following completion of the acquisition, Jet Aviation will continue to operate and be managed in its current configuration and structure as an independent business unit in the General Dynamics Group. "We are delighted to be acquiring Jet Aviation and partnering with the current management team to continue its success...As a unit of General Dynamics, Jet Aviation will support one of our core growth areas,” said Nicholas D. Chabraja, chairman and CEO.
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