Gulfstream Awarded Contract Worth up to $206 Million by Israel's Ministry of Defense
GV Aircraft Selected for Israeli Air Force Special Electronic Mission Aircraft
Savannah, Ga. – Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), has been awarded a contract with a potential value of up to $206 million to supply and support three Gulfstream V business jet aircraft to the Israeli Ministry of Defense for use as Special Electronic Mission Aircraft. The role takes full advantage of the Gulfstream V aircraft’s exceptional high altitude endurance and low operating cost.
The contract includes a firm, fixed-price agreement valued at some $174 million, with an option for a second 10-year customer logistic support program valued at $32 million.
Following manufacture at the Gulfstream facility in Savannah, Ga., as well as required interior and exterior modifications, mission equipment installation and system integration will take place in Israel. The sale to Israel of the three Gulfstream V aircraft is conditional on meeting all required United States government approvals.
"The Israeli government has been a most discriminating customer and their choice of our affordable aircraft for Special Electronic Missions is further confirmation that the Gulfstream V is the most flexible, adaptable and reliable ultra long-range aircraft in production today," said Bill Boisture, Gulfstream president and chief operating officer. "We are extremely pleased to have won this important contract for the Gulfstream V."
"This announcement follows the recent selection of the Gulfstream V aircraft by the Japanese Coast Guard for surveillance and search and rescue missions," said Buddy Sams, Gulfstream senior vice president, government sales and marketing. "This new contract builds on the already successful operation of a fleet of Gulfstream IV-SP business jet aircraft serving a similar role for the Swedish government," he added. "The choice of Gulfstream for the delivery of critical mission applications clearly demonstrates the utility and flexibility of the ultra long-range, high performance Gulfstream business jet aircraft as surveillance platforms, capable of hosting the most state-of-the-art electronic equipment," Sams added.
More than 30 countries operate Gulfstream aircraft in a variety of roles, including 23 that use them to transport their heads of state.
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics, 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 more than 8,750 people at eight locations. More information and photos of Gulfstream Aircraft are available 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.
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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Wednesday, December 5, 2001
Press Contact: (912) 965-7372
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