GD buys Jet Aviation for $2.23 billon
By Dana Hedgpeth
Washington Post Staff Writer
General Dynamics, the major defense contractor based in Falls Church, said today that it will buy Jet Aviation, a Switzerland-based air service provider for about $2.23 billion in cash.
Jet Aviation, which has 5,600 employees, provides maintenance, repair and other services on aircraft at 25 facilities in Europe, the Middle East, Asia and the Americas. The deal with General Dynamics is expected to close by the end of the year, according to Rob Doolittle, a spokesman for the company. Jet Aviation will continue operating under its namesake and Midcoast Aviation brands.
General Dynamics chairman and chief executive officer Nicholas D. Chabraja said in a statement that the acquisition "will support one of our core growth areas," referring to the company's aerospace sector.
Doolittle said the company expects Jet Aviation to generate $1.5 billion in sales in 2009.
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