IAI, Gulfstream unveil new executive jet

Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and Gulfstream Aerospace, a subsidiary of General Dynamics (NYSE: GD), today unveiled a new super mid-size business jet called the Gulfstream 250 at Ben Gurion Airport. The jet has completed the initial development stage but is yet to undergo test flights. The Gulfstream 250 will be sold for $24 million a jet when it is rready for marketing in 2011.

The new development is highly significant for IAI, which only two months ago reported a 73% drop in revenue from its commercial activities in the second quarter of 2009 resulting in a 25% fall in its overall revenue to $667 million.

IAI chairman Yair Shamir said, "We are receiving substantial orders for our older jets and already have nine orders for this new jet, which is still in development."

Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2009

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