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Gulfstream International Group Inc. history
Gulfstream International Group Inc. company history timeline
However, the control under Chrysler was ephemeral and the company was sold back to Allen Paulson and Forstmann Little and Co. in 1989.2 The decade that followed was a big one for Gulfstream.
The international market became increasingly important to Gulfstream Aerospace; by the fall of 1991, well over 60 percent of GS sales were abroad.
In the fall of 1992, the new Gulfstream V, complete with computer workstation aboard and state of the art telecommunications, was unveiled at the National Business Aircraft Association Conference in Dallas; featured also was the upgraded GS IV-SP (Special Performance) business jet.
An attempt in the spring of 1992 to duplicate the sale of common share stock of two years earlier fell through, with few buyers.
In April 1993 Fred A. Breidenbach, an executive at General Electric Company (GE) with a background in manufacturing, was named president and chief operating officer.
Lowe remained CEO and became chairman as well in May 1993, replacing Paulson.
Gulfstream's future was still in grave doubt, as its G V had potential head-to-head competition from Bombardier, which in late 1993 decided to proceed with the development of its own ultra-long-range model, the Global Express.
Gulfstream took a $204 million charge against earnings in 1993 to write off the balance of its investment in the G IV-SP, which the managers considered obsolete.
By late 1993 the new management team had staked the company's future to that of the G V, which was touted as an ultra-long-flight business jet with a maximum range of 6,500 nautical miles, 54 percent more than the G IV-SP, and with a slightly roomier cabin.
Gulfstream began producing an updated version, the Gulfstream GIV-SP, in 1993.
Providentially, the surging United States economy--which reignited the market for corporate aircraft&mdash′ovided Gulfstream with a huge boost starting in 1994, as sales increased, company debt fell, and back orders climbed steadily.
The Gulfstream GV rolls out on September 22, 1995
Meanwhile, in 1995 the company launched the Gulfstream Shares program in a joint venture with Executive Jet, Inc.
The vast hangar that was built at an investment of $16 million was opened in 1996.
The GV was first delivered in the June of 1997 and was so well above its competitors that it set around 40 speed and distance records.
In addition to its aircraft, Gulfstream also offers such services as financing, leasing, charters, management, and maintenance. Its product line includes the Gulfstream IV-SP, which has a range of 4,220 nautical miles, placing Frankfurt in reach of New York; and the Gulfstream V, introduced in 1997, which has a range of 6,500 nautical miles, placing Tokyo within reach of New York.
In part to keep up with its increasing backlog and to bolster its aircraft maintenance and parts business, Gulfstream in August 1998 acquired K-C Aviation, Inc. from Kimberly-Clark Corporation for around $250 million.
In December 1998 the company announced a new management structure to take it into the next century.
At year-end 1998 56 G Vs and 50 G IV-SPs were on back order, representing about $3.3 billion in sales.
Gulfstream further expanded its service offerings through the launch in 1998 of a central clearinghouse to facilitate charter transportation on Gulfstream aircraft.
General Dynamics acquired Gulfstream in 1999, and since that time the Savannah facilities have expanded to include the opening of two research and development centers and a new business-jet manufacturing building.
Defense giant General Dynamics purchased Gulfstream Aerospace for US$5.3 billion in 1999.
The firm started an aircraft completion and refurbishment support centre at Savannah in the year 2000.
Along with this, in year 2001, the company also bought 4 maintenance centers in Minneapolis, Las Vegas, Dallas and West Palm Beach in Florida which in addition to the facility in Westfield, Massachusetts comprised the General Dynamics Aviation Services.
The company acquired Galaxy Aerospace in the year 2001, along with its models Astra SPX and Galaxy which were christened G100 and G200 respectively.
In 2002, the company started using a new type of nomenclature for its aircrafts.
The G550 was so technologically advanced, the aircraft won the 2003 Robert J. Collier Trophy, North America’s most prestigious award for technological achievement.
This was used in the upkeep and repair of the Gulfstream and various other business jets. It started its first international service center outside the United States amidst the London – Luton airport in 2003.
NASA first flight-tested the Quiet Spike in 2006 as a proof of concept mounted on a modified F-15 fighter.
Soon, a second R&D Center was inaugurated which employed about 150 engineers.3 In March 2008, an all new jet was announced and introduced.
Last modified October 26, 2011. http://www.jetcharters.com/blog/2011/10/history-of-gulfstream.html “Gulfstream Aerospace Corporation.” New Georgia Encyclopedia.
Last modified April 28, 2014. http://www.gulfstream.com/history/ “The History of Gulfstream.” Jet Charters.
The certifications cleared the way for the first completed G600 deliveries to customers as scheduled in 2019.
Gulfstream announced the G700™ on the eve of the 2019 National Business Aviation Association Business Aviation Convention & Exhibition in Las Vegas.
Gulfstream sold the last commercially available G550 in 2020.
"Gulfstream Aerospace Corp ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/gulfstream-aerospace-corp
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Gulfstream International Group Inc. competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Delta Air Lines | 1924 | $61.6B | 86,564 | 271 |
| ExpressJet Airlines | 1979 | - | 3,000 | - |
| Southwest Airlines | 1967 | $27.5B | 58,803 | 28 |
| Spirit Airlines | 1983 | $4.9B | 10,000 | 21 |
| Air Wisconsin Airlines | 1965 | $530.0M | 1,500 | 15 |
| Envoy Aviation Group Inc. | 1987 | $14.3M | 1,096 | - |
| Endeavor Air | 1985 | $1.3B | 5,000 | 32 |
| Silver Airways | 2011 | $45.6M | 2 | - |
| Air Transport Services Group | 1980 | $1.7B | 5,305 | - |
| CommutAir | 1989 | $340.0M | 1,300 | 2 |
Gulfstream International Group Inc. history FAQs
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Gulfstream International Group Inc. may also be known as or be related to GULFSTREAM INTERNATIONAL GROUP INC, Gulfstream International Group, Gulfstream International Group Inc and Gulfstream International Group Inc.