8:06 AM Tue, Aug 19, 2008 | Permalink
By John Kostrzewa  Email this author | Email this entry |
General Dynamics, the parent company of the Electric Boat shipyards in North Kingstown and Groton, Conn., said this morning it is buying Jet Aviation for about $2.25 billion cash to expand its business-aviation services, Bloomberg News reported.
Jet Aviation, based in Switzerland, provides maintenance, repair and overhaul services from 25 airport facilities in Europe, the Middle East, and North and South America.
Its management will remain in place.
The seller is Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds. Both companies' board have approved the transaction, which is expected to close by year-end.
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This is a good for them as in today's era aviation business is in great demand.
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