General Dynamics Wins Jet Order
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General Dynamics Corp.’s Gulfstream unit, one of the biggest makers of corporate jets, won an order valued at as much as $1.5 billion from NetJets Inc. for as many as 100 of its G150 jets.
NetJets, owned by Warren Buffett’s Berkshire Hathaway Inc., agreed to buy 50 of the six-seat jets and took the option to buy another 50, Gulfstream said. NetJets sells fractional ownerships of small jets to corporations and wealthy individuals.
Gulfstream and rivals such as Bombardier Inc., maker of the Learjet, are counting on new models to revive flagging sales in a slumping economy.
Shares of Falls Church, Va.-based General Dynamics rose $1.99 to $81.25 on the NYSE.
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