Gulfstream Gac Ipo Stock

Gulfstream gac ipo stock


Gulfstream Aerospace Corporation is an American aircraft company and a wholly owned subsidiary of General Dynamics. Gulfstream designs, develops, manufactures, markets, and services business jet aircraft. Gulfstream has produced more than 2,000 aircraft since 1958. Gulfstream's current range consists of the G280, G550, G500/G600, and G650/G650ER/G700.



The company that evolved into Gulfstream Aerospace Corp.

started in the late 1950s when Grumman Aircraft Engineering Co., known for military aircraft production, developed a twin turboprop business aircraft at its facilities in Bethpage, New York, called the Grumman Gulfstream I (G-I).

The G-I could seat 12 passengers, had a maximum speed of 350 mph (560 km/h) at 25,000 feet (7,620 m) and a range of 2,200 miles (3,540 km).[2] The new aircraft, the first of its kind designed for business travel, was a success, prompting Grumman to develop the jet-powered Grumman Gulfstream II or GII.


At the start of the GII program, Grumman officials separated the company's civil and military aircraft production to improve efficiency.

In 1966, they relocated the civilian component to Savannah, Georgia where they had found a supply of skilled labor, an airfield adjacent to the plant and room for expansion. Transportation facilities suitable for heavy equipment and machinery as well as weather favorable to year-round flight-testing and flight-training operations enhanced Savannah's appeal.

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The new building opened in June 1967 and was dedicated on September 29, 1967. It housed production and flight testing for the GII. The 100-person work force that built the GII was 90% local, and grew to over 1,700 within a few years.[citation needed]


On January 2, 1973, Grumman merged with light-aircraft manufacturer American Aviation Corporation.[3] The 256th and final GII delivery took place in 1977.

One year later, the Gulfstream line and the Savannah plant were sold to American Jet Industries, which was headed by entrepreneur Allen Paulson.[4] Paulson became the president and CEO of the company, renaming it Gulfstream American. He made a priority of developing the Gulfstream III, a new aircraft designed to achieve greater range and speed than the GII.

The GIII made its first flight in December 1979, with the first delivery in 1980. It was the first business jet to fly over both poles.[2]


In 1981, Gulfstream introduced the Gulfstream GIIB. The GIIB had a modified GII fuselage and the GIII wings, complete with winglets. The variant offered weight and performance characteristics similar to the GIII, but with the shorter GII fuselage.

Gulfstream completed and delivered approximately 40 GIIBs.[2]

Under Paulson the Savannah work force grew to 2,500 by the spring of 1982. Also in this year, the company's name changed to Gulfstream Aerospace Corp.

Gulfstream gac ipo stock

to reflect its worldwide scope, and a new plane, the Gulfstream IV, was conceived. The following year, Gulfstream offered 8.8 million shares of stock to the public.

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In 1985, Chrysler Corp. acquired Gulfstream for $637 million as part of the automaker's plan to diversify into high-tech industries.[5] This was also the year that Gulfstream first appeared on the Fortune 500 list, at No.

417. Two years later, the 200th and last Gulfstream III was delivered, and the first delivery of a Gulfstream IV took place. The GIV was the first jet in business aviation to have an all-glass cockpit.[6] In 1989 Chrysler decided to sell Gulfstream, and Paulson teamed with Forstmann Little & Co.

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– a private equity firm specializing in leveraged buyouts – and bought Gulfstream back.


The decade that followed the 1989 repurchase was a time of significant advancements for Gulfstream.

The company signed a five-year contract with NetJets in 1994. It completed the Gulfstream V Integration Test Facility and rolled out the GV – the first ultra-long range business jet – in 1995.[2] The opening of a $16 million Savannah service center with 136,000 square feet (12,630 m2) of hangar space followed in 1996. In 1997, Gulfstream began the simultaneous manufacture of two aircraft models – the GIV-SP and the GV. Within a few months of the GV's first delivery in June 1997, it set nearly 40 city-pair and/or speed and distance records, and its development team was awarded the 1997 Robert J.

Collier Trophy, the highest honor in aeronautics or astronautics in North America.[5] In 1998, Gulfstream purchased K-C Aviation from Kimberly-Clark Corp. for $250 million, which had operations in Dallas, Appleton, Wisconsin, and Westfield, Massachusetts.[7]


At the end of the 1990s, General Dynamics purchased Gulfstream,[8] and it opened a $5.5 million aircraft refurbishment and completions support facility in Savannah in 2000.

In 2001, it acquired Galaxy Aerospace and with it, the mid-size Astra SPX and super mid-size Galaxy, which were later rebranded the Gulfstream G100 and Gulfstream G200, respectively.[2] Also in 2001, Gulfstream purchased four U.S. maintenance facilities in Dallas, Las Vegas, Minneapolis, and West Palm Beach, Florida. Those service centers, along with a Gulfstream facility in Westfield, Massachusetts, formed General Dynamics Aviation Services, which maintained and repaired Gulfstream and other business-jet aircraft.

In 2002, Gulfstream renamed its products, using Arabic numerals instead of Roman numerals to differentiate its aircraft. At the time, the company's lineup included the ultra long-range Gulfstream G550 and G500, the long-range Gulfstream G400, the mid-range Gulfstream G300 and G200, and the high-speed G100.

2002 was also the year that Gulfstream introduced its Airborne Product Support aircraft, a specially equipped G100.[2] It is used to deliver parts and provide any-time service to Gulfstream customers in North America and the Caribbean who are operating aircraft under warranty.

In 2003, Gulfstream acquired a service center at the London-Luton Airport, the first Gulfstream-owned service center to be operated outside the United States.

Also, in 2003, the long-range Gulfstream G450 was introduced. The large-cabin, mid-range G350 was presented a year later. In 2004, Gulfstream was awarded the 2003 Collier Trophy for the development of the G550.[9] It was the second time in less than a decade that Gulfstream had won the award.

The G550 is the first civil aircraft to receive a Type Certificate issued by the Federal Aviation Administration (FAA) that includes an Enhanced Vision System (EVS) as standard equipment on an aircraft. The aircraft also contained the first cockpit to incorporate PlaneView®, an integrated avionics suite featuring four 14-inch (36 cm) liquid crystal displays in landscape format.

In 2005, Gulfstream began to offer an in-flight internet connection – its Broad Band Multi-Link (BBML) system. Gulfstream also designed and developed a means of reducing the sonic boom caused by an aircraft "breaking" the sound barrier – the Quiet Spike.[2] The Quiet Spike is a telescopic nose device that softens the effect of the sonic boom by smoothing the pressure wave created by flying at the speed of sound.[10] Gulfstream views lifting the current US supersonic ban as essential for a viable business case for supersonic aircraft.[11]

In 2006, the 12-year production run of the G100 ended, and the Gulfstream G150 entered service to take its place.

The G150 was the first business jet to be certified by the FAA for Stage 4, the industry's most stringent noise standards. Also in 2006, Gulfstream announced plans to expand its manufacturing and service facilities in Savannah.

The seven-year, $400 million Long-Range Facilities Master Plan included the creation of a new 624,588-square-foot (58,030 m2) service center, an independent fuel farm, a 42,600-square-foot (3,960 m2) paint hangar and the addition of a new Sales and Design Center.[citation needed] As a result of the expansion, employment at the facility was expected to grow by some 1,100 jobs.

2019 Layoffs

To meet the immediate need for engineering office space, Gulfstream opened a Research and Development Center (RDC). The RDC accommodates approximately 750 technical and engineering employees.

In April 2007 Gulfstream broke ground for a new business-jet manufacturing building at its headquarters in Savannah. The following month, the company signed a nine-year lease with North Point Real Estate for a second Research and Development Center. The RDC II consists of an office building, which can accommodate 550 employees, and a laboratory building, which is designed for 150 employees and test equipment used in Gulfstream's research and development work.

Gulfstream completed the new Sales and Design Center addition in June and officially opened the first phase of the new Savannah Service Center in August.

In 2007, Gulfstream tested its Synthetic Vision-Primary Flight Display (SV-PFD) and EVS II together for the first time. The SV-PFD is an enhancement to the Gulfstream PlaneView flight displays. It features a three-dimensional color image of terrain overlaid with the primary flight display instrument symbology, which are arranged on the screen to create a large-view area for terrain.

By early 2008, the FAA had certified both EVS II and SV-PFD.

Gulfstream-General Dynamics Deal Could Signal That the End is Near

On March 13, 2008, Gulfstream announced the introduction of a new business jet: the Gulfstream G650. The G650 offers the longest range, fastest speed, largest cabin and most advanced cockpit in the Gulfstream fleet.

It is capable of traveling 7,000 nautical miles (12,960 km; 8,060 mi) at Mach .85 or will cover shorter distances at a speed of Mach 0.925, making it the fastest civilian aircraft flying. It can climb to 51,000 feet (15,540 m), allowing it to avoid airline-traffic congestion and adverse weather.

On October 5 of the same year, Gulfstream announced another addition to its business-jet fleet: the large-cabin, mid-range Gulfstream G250 (later renamed the Gulfstream G280). It is capable of traveling 3,600 nautical miles (6,670 km; 4,140 mi) at 0.80 Mach and has a maximum operating speed of 0.85 Mach.

It can reach its 41,000-foot (12,500 m) initial cruise altitude in 20 minutes and can climb to a maximum altitude of 45,000 feet (13,720 m).

In 2009, the company conducted two powered rollouts one week apart. The Gulfstream G650 officially rolled out of the Savannah manufacturing facility under its own power on September 29, 2009.

The G280 followed just one week later.

Gulfstream News

Both the G650 and the G280 flew before the end of 2009. The G650 took its first flight on November 25, while the G280 went up for the first time on December 11.


In November 2010, Gulfstream announced an expansion of its Savannah facilities through a $500-million, seven-year plan.

The growth resulted in 1,000 additional Gulfstream jobs, an increase of more than 15 percent.

In addition to the Savannah expansion, Gulfstream's sites in Westfield, Massachusetts, US, and Luton, UK, also grew in 2011. In October, Gulfstream announced an expansion of its service center at the Barnes Regional Airport in Westfield, Massachusetts, that will result in 100 additional Gulfstream jobs, a nearly 80 percent increase over the size of Gulfstream's Westfield workforce.

The Luton service center also relocated to a 75,000-square-foot, more modern hangar. The hangar and accompanying office area nearly doubles space at the site, allowing Gulfstream Luton technicians to service Gulfstream's entire fleet, including the all-new G650, the company's flagship aircraft.

Gulfstream suffered a major setback on April 2, 2011, when one of its G650 ultra long-range business jets crashed on the runway at Roswell, NM, fatally injuring the two test pilots and two flight test engineers on board.[12] The aircraft was conducting a takeoff-performance test during which an engine failure was simulated by reducing the right engine's thrust to idle.[13] The G650 became airborne briefly at a high angle of attack before its right wingtip hit the runway, then slid on the ground and caught fire.[14][15]

The National Transportation Safety Board (NTSB) determined the probable cause of the crash was an aerodynamic stall of the aircraft due to a failure to properly develop and validate takeoff speeds, persistent and increasingly aggressive attempts to achieve a V2 speed that was too low and an inadequate investigation of previous uncommanded roll events.

Gulfstream Aerospace Layoffs

Following the crash, Gulfstream raised the V2 speed of the G650.[13] The NTSB accused Gulfstream of withholding information and the use of legal counsel during the investigation, which were denied by the company.[16]

In November 2011, the Gulfstream G650 received its provisional type certificate (PTC) from the FAA.

This cleared the way for the company to begin interior completions of the ultra-large-cabin, ultra-long-range business jet in preparation for customer deliveries in the second quarter of 2012, as originally planned.

In January 2011, General Dynamics Aviation Services was rebranded as Gulfstream to simplify its brand identity.

Gulfstream now owns and operates nine service centers worldwide, plus one component repair facility.

As of late 2012 there were indications that Gulfstream was close to announcing the design of a quiet supersonic business jet,[17] first drawings of which appeared in December 2012.[18]

Gulfstream employs more than 11,500 people at 12 major locations: Savannah, Georgia.; Appleton, Wisconsin; Brunswick, Georgia; Dallas; Las Vegas; Westfield, Massachusetts; West Palm Beach, Florida; Long Beach and Lincoln, California in the US; London, UK; Mexicali, Mexico and Sorocaba, Brazil; [19][when?]

The Gulfstream G500/G600 were unveiled on October 14, 2014, with the G500 taxiing under its own power.[20] It first flew on May 18, 2015.[21] The longer G600 followed on December 17, 2016, intended for delivery in 2018.[22]

The company expects the 2017 deliveries to be the same as 2016 at 115 units: 88 large and 27 midsize G280s.[23]

Following the meet of US PresidentDonald Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani in July 2019, Qatar Airways expressed a desire to buy large-cabin aircraft from Gulfstream.[24]

Government and special mission aircraft[edit]

About 200 Gulfstream are used by 35 governments, mainly the G550 : air transports of heads of state and government, airborne early warning, medical evacuation, high-altitude atmospheric research, and intelligence, surveillance and reconnaissance.[25]


Current products[edit]

AircraftMaximum RangePassengersLengthCabin HeightCabin Width
Gulfstream G650ER7,500 nm (13,890 km)Up to 1999 ft 9 in / 30.41 m6 ft 5 in / 1.96 m8 ft 6 in / 2.59 m
Gulfstream G6507,000 nm (12,964 km)Up to 1999 ft 9 in / 30.41 m6 ft 5 in / 1.96 m8 ft 6 in / 2.59 m
Gulfstream G6006,200 nm (11,482 km)Up to 1996 ft 1 in / 29.29 m6 ft 4 in / 1.93 m7 ft 11 in / 2.41 m
Gulfstream G5005,000 nm (9,260 km)Up to 1991 ft 2 in / 27.78 m6 ft 4 in / 1.93 m7 ft 11 in / 2.41 m
Gulfstream G5506,750 nm (12,501 km)Up to 1996 ft 5 in / 29.39 m6 ft 2 in / 1.88 m7 ft 4 in / 2.24 m
Gulfstream G4504,350 nm (8,056 km)Up to 1989 ft 4 in / 27.23 m6 ft 2 in / 1.88 m7 ft 4 in / 2.24 m
Gulfstream G2803,600 nm (6,667 km)Up to 1066 ft 10 in / 20.37 m6 ft 3 in / 1.91 m7 ft 2 in / 2.18 m

Product history[edit]

The Grumman Gulfstream I (Model G-159) was a twin-turboprop business aircraft, certificated by the FAA on May 21, 1959[27]

The Grumman Gulfstream II was the first large business jet and basis of the Shuttle Training Aircraft.

It had many variants, some still produced today, under the same type certificate:[28]

ModelDesignationFAA approvalMTOW (lb.)Enginesthrust (lbf.) range (nm)[29]sold[29]lengthspan
G-1159Gulfstream IIOctober 19, 196764,800Spey 511-811,4003,680250+79 ft 11 in68 ft 10 in
G-1159AGulfstream IIISeptember 22, 198069,700Spey 511-811,4003,760200+83 ft 1 in77 ft 10 in
G-1159BGulfstream G-IIBSeptember 17, 198169,700Spey 511-811,40079 ft 11 in77 ft 10 in
G-IVGulfstream IV/G300/G400April 22, 198774,600Tay 611-813,8504,300500+88 ft 4 in77 ft 10 in
GVGulfstream VApril 11, 199790,500BR710A1-1014,7506,500190+96 ft 5 in93 ft 4 in
GV-SPGulfstream G550/G500August 14, 200391,000BR710C4-1115,3856,750500+96 ft 5 in93 ft 6 in
GIV-XGulfstream G450/G350August 12, 200474,600Tay 611-8C13,8504,350330+89 ft 4 in77 ft 10 in

The later Gulfstream G650 has its own type certificate, approved on September 7, 2012.[30] The new Gulfstream G500/G600 also has a separate type certificate.[31]

Israel Aircraft Industries transferred ownership of the smaller Westwind Astra business jet, approved August 29, 1985 to Gulfstream Aerospace on March 26, 2002.

Its derivative Astra SPX, approved January 8, 1996 was then named Gulfstream G100, approved August 9, 2002, and its second derivative Gulfstream G150 was approved on November 7, 2005.[32] The larger IAI Galaxy Type certificate, approved December 16, 1998, was transferred the same day and renamed Gulfstream G200, approved January 16, 2002.[33] It was developed into the Gulfstream G280 which have its own type certificate approved August 30, 2012.


The Gulfstream American Hustler was a prototype business aircraft, which first flew on January 11, 1978, using a turboprop and a turbofan simultaneously.

It was developed into prototype military trainer Gulfstream Peregrine 600, first flight May 22, 1981, and the prototype single jet Gulfstream Peregrine, first flight January 14, 1983.

The Sukhoi-Gulfstream S-21 was a projected supersonic business jet.


Gulfstream Aerospace is involved in the local Savannah community through a variety of programs and initiatives.

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In November 2018, $2 million was donated to the United Way of America. Over 100 programs and services at 58 nonprofits in several Georgia counties have benefited.[35][36]

See also[edit]


  1. ^"Gulfstream Aerospace Corporation". Retrieved August 19, 2014.

  2. ^ abcdefgThomas, Joel (May 19, 2014). "History of Gulfstream Aerospace Corporation".

    General Dynamics buys Gulfstream in $5.3 billion deal

    Retrieved January 5, 2016.

  3. ^"Towl, Meyer to head new Grumman American firm"(PDF), Grumman Plane News, 32 (1), p. 1, January 12, 1973, retrieved December 18, 2017
  4. ^Dorsey, Jasper (March 28, 1990). "Allen Paulson an incredible man". Rockmart Journal. (Georgia). p. 4A.
  5. ^ ab"Gulfstream Aerospace Corporation".

    Company Histories. Retrieved August 18, 2014.

  6. ^"Gulfstream Celebrates 25th Anniversary of First GIV Flight".

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    Gulfstream News. September 20, 2010. Retrieved August 18, 2014.

  7. ^"Gulfstream buys air services firm". Rome News-Tribune. (Georgia). Bloomberg. July 26, 1998.

    p. 2E.

  8. ^"General Dynamics acquiring Georgia business-jet company". Reading Eagle. (Pennsylvania). Associated Press. May 18, 1999. p. D6.
  9. ^"Gulfstream G550 wins 2003 Collier Trophy for aviation".

    Savannah Morning News. February 26, 2004. Archived from the original on August 19, 2014. Retrieved August 18, 2014.

  10. ^"An Overview of the Gulfstream Supersonic Technology Program"(PDF).

    United States Federal Aviation Administration.

    Gulfstream gac ipo stock

    April 21, 2010. Retrieved August 18, 2014.

  11. ^McMillin, Molly. "Need for speed drives efforts for supersonic business jet" The Wichita Eagle . Accessed: September 28, 2014.
  12. ^Mary Carr Mayle. "Gulfstream: The Four We Lost".

    Kyle model with binary signals and normal noise trading

    Savannah Now.

  13. ^ ab"Crash During Experimental Test Flight Gulfstream Aerospace Corporation GVI (G650), N652GD Roswell, New Mexico April 2, 2011"(PDF). NTSB. Retrieved October 10, 2012.
  14. ^Ostrower, Jon (April 6, 2011). "G650 was at high angle of attack prior to accident".

    Flight International. Retrieved April 6, 2011.

  15. ^"Gulfstream G650 Crashes — Four Lost". Flying Magazine.
  16. ^John, Croft (May 11, 2012). "IN FOCUS: Two wing-drop incidents preceded G650 crash – NTSB". Flight International. Retrieved May 11, 2012.
  17. ^"NBAA: Gulfstream "very close" to supersonic business jet design".

    October 30, 2012.

  18. ^"Gulfstream reveals new supersonic aircraft, inlet designs in patent filings". December 19, 2012.
  19. ^Sources: Gulfstream Aerospace Archives and "The Legend of Gulfstream" by Jeffrey L.


  20. ^"Gulfstream Introduces New Aircraft Family" (Press release).

    Gulfstream Aerospace company profile

    Gulfstream. October 14, 2014. Archived from the original on December 9, 2018.

    Gulfstream gac ipo stock

    Retrieved August 16, 2017.

  21. ^"Gulfstream G500 Completes First Flight" (Press release). Gulfstream. May 18, 2015. Archived from the original on September 28, 2018. Retrieved August 16, 2017.
  22. ^"Gulfstream G600 takes flight ahead of schedule" (Press release).

    Gulfstream. December 17, 2016.

  23. ^Kate Sarsfield (August 16, 2017). "G500 edges closer to certification milestone". Flightglobal.
  24. ^"U.S.

    A strong earnings beat glosses over troubles at one business unit in particular.

    and Qatar Shore Up Ties as Emir Visits White House". The Wall Street Journal. Retrieved July 9, 2019.

  25. ^"Poland selects Gulfstream G550 for VIP transport". Flight Global. November 17, 2016.
  26. ^"Fleet Specifications"(PDF). Gulfstream. 2016. Archived from the original(PDF) on January 17, 2017. Retrieved June 22, 2016.
  27. ^"Type Certificate date Sheet NO. 1A17, revision 19"(PDF). FAA. April 15, 1987.
  28. ^"Type Certificate date Sheet NO.

    A12EA, revision 46"(PDF). FAA. February 22, 2016.

  29. ^ ab"History".

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  30. ^"Type Certificate date Sheet NO. T00015AT, Revision 10"(PDF). FAA. January 28, 2016.
  31. ^"Type Certificate Data Sheet No. T00021AT - Gulfstream GVII-G500/GVII-G600"(PDF). FAA. June 28, 2019.
  32. ^"Type Certificate date Sheet NO.

    Gulfstream Aerospace

    A16NM, Revision 8"(PDF). FAA. May 23, 2007.

  33. ^"Type Certificate date Sheet NO. A53NM, Revision 8"(PDF). FAA. July 12, 2005.
  34. ^"Type Certificate date Sheet NO. A61NM, Revision 6"(PDF). FAA. April 22, 2015.
  35. ^"United Way of the Coastal Empire Announces 2018 Campaign Goal at Kickoff".

    Gulfstream gac ipo stock

    Savannah Tribune. September 12, 2018.

  36. ^"WTOC General Manager named 2018 United Way Campaign Chair". WTOC. March 28, 2018.

External links[edit]