Gulfstream Enhancing Brunswick Facility to Expand Gulfstream V Completions

Business Wire, Dec 23, 1999

Business Editors

SAVANNAH, Ga.--(BUSINESS WIRE)--Dec. 23, 1999

Over $3 Million Facility Upgrade to Open in June 2000

Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE:GD), today announced a major expansion of its completions capability in Brunswick, Ga.

The project, which is expected to cost more than $3 million, will include the construction of a 23,000 square foot completion hangar and the upgrade and lease of a 20,000 square foot storage and maintenance building. The new facilities will provide additional capacity to support aircraft completions and service activities. The facilities, located at the Brunswick airport, are expected to open in June 2000.

The Brunswick facility is dedicated to outfitting and servicing Gulfstream aircraft for the Gulfstream Shares fractional ownership program and supporting GII, GIII and GIV aircraft for other customers. More than 140 skilled technicians and supervisors work at the Brunswick site.

"Our dedicated Brunswick work force has done an exceptional job completing Gulfstream IV-SP aircraft for the Gulfstream Shares program," said Joe Lombardo, Sr. Vice President of Operations for Gulfstream. "We intend to expand the scope of that business to include Gulfstream V completions for the Shares program."

Now in its fourth year, the Gulfstream Shares program teams Gulfstream with Executive Jet, Inc. (EJI), the industry leader in fractional ownership of business aircraft. To date, EJI has ordered 44 Gulfstream IV-SPs and 12 Gulfstream Vs for delivery through the year 2004 with options for an additional 12 Gulfstream V aircraft. Delivery of optioned aircraft is expected to begin in 2004 and to continue through 2007.

The Brunswick facility has completed eight Gulfstream IV-SP aircraft for EJI this year. The first Gulfstream V EJI delivery is expected by early 2001.

"The completions process begins with a newly manufactured, flightworthy, production aircraft. The completions team then installs a custom interior and applies an exterior paint scheme based on the customer's specification," Lombardo said. "The completion process uses state-of-the-art computer design technology with excellent craftsmanship to produce the most beautiful and productive aircraft interiors in the world."

Gulfstream Aerospace Corporation is the leading designer, developer, manufacturer and marketer of the world's most technologically advanced intercontinental business jet aircraft. The company has produced approximately1,150 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(R), the ultra-long range Gulfstream V(R), Gulfstream Shares(R), Gulfstream Financial Services, Gulfstream LeaseSM, Gulfstream Pre-Owned Aircraft Sales(TM), Gulfstream Charter Services(R), Gulfstream Management ServicesSM and Gulfstream ServiceCare(R). 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.