News Release
GULFSTREAM AEROSPACE ACQUIRING WECO AEROSPACE SYSTEMS
California-based Aviation-Component Overhaul Will Augment Gulfstream Product Support Capabilities
SAVANNAH, Ga., Jan. 23, 2007 – Gulfstream Aerospace, a wholly owned subsidiary of General Dynamics (NYSE: GD), is acquiring the business of WECO Aerospace Systems, Inc., a privately held aviation-component overhaul company specializing in electrical, electronic accessories and flight instrument services. The business will retain the WECO name and become part of Gulfstream’s Product Support business operations. The purchase is expected to close by the end of the first quarter 2007. Financial details of the transaction were not disclosed.
“This acquisition furthers our commitment to providing outstanding product support for our fleet operators. Gulfstream has been one of WECO’s biggest customers,” said Bryan Moss, president, Gulfstream.
According to Larry Flynn, president, Product Support, Gulfstream, the acquisition makes sense for both parties.
“For Gulfstream, this agreement augments our current overhaul capabilities on the West Coast, something our customers have requested for a long time. As for WECO, it ensures a continuous flow of business and greatly expands their resources,” Flynn said.
Founded by father and son Hal and Bill Weygandt in 1974, WECO employs approximately 75 people who work at either of the company’s two California offices, one in Lincoln , and the other in Burbank . Bill Weygandt, president of WECO, will retain his position and title.”We are excited to become part of the Gulfstream family,” Weygandt said. “While WECO and the people who have worked here have been a huge part of my life for the past 32 years, I can’t think of a better company to support us and our best interests as a business.”
NOTE TO EDITORS
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), designs, develops, manufactures, markets, services and supports the world’s most technologically advanced business-jet aircraft. Gulfstream has produced more than 1,600 aircraft for customers around the world since 1958. To meet the diverse transportation needs of the future, Gulfstream offers a comprehensive fleet of aircraft, comprising the wide-cabin, high-speed Gulfstream G150 ®; the large-cabin, mid-range Gulfstream G200 ®; the large-cabin, mid-range Gulfstream G350 ®; the large-cabin, long-range G450 ®; the large-cabin, ultra-long-range Gulfstream G500 ® and the large-cabin, ultra-long-range Gulfstream G550 ®. Gulfstream also offers aircraft ownership services via Gulfstream Financial Services Division and Gulfstream Pre-Owned Aircraft Sales ®. The company employs more than 7,900 people at seven major locations. We invite you to visit our Web site for more information and photos of Gulfstream aircraft at www.gulfstream.com.
General Dynamics, headquartered in Falls Church , Virginia , employs approximately 81,100 people worldwide and expects 2006 revenues of approximately $24 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation. More information about the company is available online at www.generaldynamics.com .
