NetJets Buys 50/50 G150

Gulfstream Aerospace and NetJets have signed a $1.5 billion agreement for the firm order of 50 G150 aircraft with options on an additional 50 (50/50).

"The G150 is the perfect complement for our needs," said Richard Santulli, NetJets chairman. "It's the only coast-to-coast aircraft that meets our anticipated demand at price point."

Deliveries of the aircraft are scheduled to commence in 2005 through 2010; deliveries include a multi-year product support agreement.

The G-150 order is NetJets' fourth aircraft acquisition with Gulfstream-the last contract being a 50/50 order of G200s that will be delivered this fall.

Bill Boisture, Gulfstream president, said, "NetJets currently operates over 50 Gulfstream aircraft, and with this agreement they have now placed firm orders and options for 286 Gulfstream business jets."

During the signing of the agreements, Warren Buffett, Berkshire Hathaway president (parent company of NetJets), handed Boisture his wallet and said, "This is the reason why I'm here." He continued, "I just wanted to say that I'm a happy customer of the Gulfstreams, and therefore a happy buyer."

By Dave Benoff