The direct reports from Jet Aviation concerning its “for sale” status do not reveal much in the way of hard news. At least not yet. A spokesman confirmed the company has engaged New York investment house Goldman Sachs to handle the possible sale of the, family-owned company.
Paul Touw had barely finished high school when his entrepreneurial spirit started paying dividends. Enrolled at University of the Pacific in Stockton, Calif., and short on tuition funds, he noticed that the physics department lacked good lab books.
Speaking yesterday at the fractional provider’s Port Columbus (Ohio) Airport operations center, NetJets CEO Richard Santulli ended months of speculation by announcing that the company will be staying put in the Buckeye State. Despite fierce competition from cities such as Raleigh, N.C.; Orlando, Fla.; and Fort Worth, Texas, in the end NetJets decided to expand its existing facility in Columbus rather than relocate.
NetJets Europe is targeting fast-expanding Russian businesses for its fractional-ownership program. It has dropped the ferry charges that have previously been applied for flights out of Moscow and St. Petersburg to allow Russian clients the same terms and conditions as provided to program members in western Europe.
As he does every year in his annual report, Berkshire Hathaway CEO Warren Buffett gave his frank and folksy description of how his company’s many holdings performed in the previous year, including FlightSafety International and NetJets.
Like the shifting of continental plates beneath the earth’s crust, changes in the fractional-aircraft industry are under way. And while only a few cracks are now visible on the surface, underground rumblings signal greater turmoil to come. By mid-year, if not sooner, according to industry observers, the fractional landscape is going to look very different from the way it does today.
Early last month the NetJets pilots overwhelmingly supported a major amendment and five-year extension to their collective-bargaining agreement between NetJets Aviation (NJA) and Teamsters Local 1108, the union representing the fractional provider’s pilot group.
On Friday, NetJets pilots overwhelmingly supported a major amendment and extension to their collective-bargaining agreement between NetJets Aviation and Teamsters Local 1108, the union representing the fractional provider’s pilot group. The NetJets pilots approved the interest-based bargaining (IBB) amendment, with 75.7 percent of eligible members voting in favor of the measure; voter participation reached a historic 95.8 percent.
According to the Orlando Sentinel, state and local officials are drafting an incentive package to lure fractional provider NetJets to Orlando, Fla. “As NetJets’ business continues to grow and as we expand and add more employees and more aircraft, we also must add new infrastructure to maintain the highest standards of service and safety,” a NetJets spokeswoman told AIN.
Bill Boisture, who resigned suddenly in April as president of Gulfstream Aerospace, has been on the job for the last 30 days as president of NetJets. He joined the Woodbridge, N.J.-based fractional-ownership operator early last month and is directing the company’s North American operations out of Columbus, Ohio.