Bombardier inks its largest business jet order ever
March 2, 2011, Montreal - Bombardier Inc. announced its largest executive jet order ever late Tuesday for up to 120 of its Global family of business jets.
March 2, 2011 By The National Post
The order is from NetJets Inc., a subsidiary of Warren Buffett's Berkshire Hathaway Inc., and initially consists of 50 business jets, valued at US$2.8-billion. However, it carries the option of 70 more Global jets being ordered, which would bring its value up to US$6.7-billion, making it the largest order in private aviation history, Bombardier said.
"We are very proud to have NetJets, the worldwide leader in private aviation, select the Bombardier Global aircraft family," said Steve Ridolfi, Bombardier business aircraft president, in a statement.
The order is comprised of 30 Global 5000 Vision and Global Express XRS Vision aircraft, with deliveries to commence in the fourth quarter of 2012. It also includes orders for 20 of Bombardier's new Global 7000 and Global 8000 aircraft, which were launched in October, to be delivered in 2017.
The order is a major coup for Bombardier, whose ultra-long range Global family of aircraft has been facing intense competition from the new Gulfstream G650.
NetJets is an industry leading fractional business jet ownership company, in which individuals and corporations take a more cost-effective route of purchase shares in executive jets instead of buying the planes outright.
Until now, NetJets' fleet has only consisted of Cessna, Hawker, Gulfstream and Dassault jets, making the order even more impressive for Bombardier.
The Global family is Bombardier's largest, and most profitable, business jet, and the order is further proof that the business jet market is showing early signs of a recovery.
"We are very impressed with Bombardier's product strategy and vision for the future," said Jordan Hansell, NetJets president said. "The Global aircraft family is ideally suited to our owners' needs for range, reliability, interior comfort and operating efficiency. These aircraft will be an excellent complement to our existing large cabin capabilities and overall fleet that is unmatched in private aviation."