Gulfstream Lease Delivers First Gulfstream IV-SP
Gulfstream Dallas Facility Receives FAA Approval As A Designated Alteration Station
Approval Will Speed Modification and Completions Work on Challenger, Falcon, Hawker and Gulfstream Aircraft
Savannah, GA, January 13, 2000 - Gulfstream GATX Leasing Company, LLC announces the delivery of the first aircraft, a Gulfstream IV-SP, into operational service. Gulfstream Lease is the world's first short-term operating lease program for long-range, large cabin business jet aircraft. Gulfstream GATX Leasing Company, LLC is a joint venture between Gulfstream Aerospace Corporation and GATX Capital Corporation, which was formed in 1998 to provide customers with short-term leases for Gulfstream IV-SP and Gulfstream V aircraft.
This delivery to a large corporation based in North America, is the first of six aircraft being placed into the short-term operating lease fleet. The second aircraft, a Gulfstream V, will be delivered early in the third quarter of 2000 with subsequent deliveries through 2002.
"The lease of the first GIV-SP confirms our strategy to provide a new level of flexibility and ease of entry for customers seeking competitively priced short-term leases," said Chris A. Davis, president and chief operating officer Gulfstream Financial Services Corporation. "Gulfstream Lease is another example of Gulfstream's commitment to provide customers with a mix of programs and services to meet all possible business transportation requirements."
"A Gulfstream lease offers clients all of the benefits of new Gulfstream ownership without the large capital investment," said Bruce Shipman, vice president, GATX Capital Corporation. "It is an excellent option for customers with short-term aircraft needs."
The Gulfstream Lease program will include five Gulfstream Vs and one Gulfstream IV-SP. The program also has options to purchase six additional aircraft, with deliveries scheduled from 2001 through 2004.
The Gulfstream GATX Leasing Company, LLC is owned 85 percent by GATX Capital and 15 percent by Gulfstream. Under separate service agreements, Gulfstream provides sales, marketing and aircraft maintenance services while GATX Capital supplies account management services for the joint venture.
GATX Capital Corporation is a wholly owned subsidiary of GATX Corporation (NYSE: GMT) which combines unique financing, asset and logistic solutions for customers and partners worldwide through its three business areas -- GATX Capital, GATX Rail, and the GATX Integrated Solutions Group. GATX assets include rail cars, locomotives, commercial aircraft, bulk liquid terminals and distribution systems, and technology equipment.
NOTE TO EDITOR
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), is the leading designer, developer, manufacturer and marketer of the world's most technologically advanced intercontinental business jet aircraft. The company has produced approximately 1,150 aircraft for customers around the world since 1958.
Gulfstream offers a full range of aircraft products and services to meet the aviation needs of its customers, including the Gulfstream IV-SP®, the ultra-long range Gulfstream V®, Gulfstream Shares®, Gulfstream Financial Services, Gulfstream LeaseSM, Gulfstream Pre-Owned Aircraft Sales, Gulfstream Charter Services®, Gulfstream Management ServicesSM and Gulfstream ServiceCare®. The company employs more than 8,200 people at eight locations.
General Dynamics, which is headquartered in Falls Church, Va., has leading market positions in shipbuilding and marine systems, land and amphibious combat systems, information systems, and business aviation. The corporation employs approximately 44,000 people worldwide and has annualized sales of approximately $10 billion. More information about the company can be found at www.generaldynamics.com.