Gulfstream Awarded Contract Worth up $473 Million by Israel's Ministry of Defense
Gulfstream G550 selected for Israeli Air Force Compact Airborne Early Warning (CAEW) Aircraft
[NOTE: This news release provides details amplifying an announcement made by General Dynamics on April 16, 2003.]
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 $473 million. Gulfstream will supply and provide support for four Gulfstream G550 business jet aircraft, with an option for two additional G550 aircraft, to the Israeli Ministry of Defense. The aircraft will be used as Compact Airborne Early Warning (CAEW) platforms. The program will take full advantage of the Gulfstream G550’s exceptional capabilities, endurance, reliability and low operating cost.
The contract includes a firm, fixed-price 10-year contractor logistics support (CLS) program valued at up to $18 million, with the follow-on 10-year option valued at up to $26 million.
Following initial phase and partial final phase production, which includes interior and exterior modifications to the platform at Gulfstream’s Savannah facility, the mission equipment installation and system integration will be done in Israel.
The sale to Israel of the Gulfstream G550 aircraft is conditional on meeting all required United States government approvals.
“We are extremely pleased that the Israeli Government has once again entrusted such an important program to our team,” said Buddy Sams, senior vice president, government programs, Gulfstream. “Their decision to choose the Gulfstream G550 is evidence that they are confident in the capability of our products and our Special Missions Program Office,” added Sams.
“This announcement follows the selection two years ago of Gulfstream by the Israeli Ministry of Defense as the platform for its Special Electronic Missions Aircraft,” continued Sams. “ We are delighted by the Israeli government’s choice of the very able and flexible Gulfstream G550 for this demanding and important program. The G550’s ultra-long-range and high performance makes it the perfect platform for hosting state-of-the-art surveillance systems.“
More than 34 countries operate Gulfstream aircraft in a variety of roles, including 22 that use them to transport their heads of state.
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 eight 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, Virginia., employs approximately 64,600 people worldwide and estimates 2003 revenues of $15.5 billion. The company has leading market positions in mission-critical information systems and technologies, land and amphibious combat systems, shipbuilding and marine systems, and business aviation.
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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 - Thursday, August 28, 2003
Press Contact: (912) 965-7372
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