Raytheon Co., the world’s fourth-largest maker of business jets with a facility in Portsmouth, got an order for 40 aircraft
worth more than $300 million from NetJets Inc., which is owned by
Warren Buffett’s Berkshire Hathaway Inc.
NetJets, which sells fractional ownerships of planes for the
right to fly them for a predetermined amount of time, bought 20
Hawker 800 XP mid-size jets and 20 Hawker 400XP light jets. The
aircraft will be delivered between 2005 and 2007, Waltham,
Mass.-based Raytheon said in a statement.
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Deepening ties with Woodbridge, N.J.-based NetJets,
the world’s biggest buyer of business jets, helped Raytheon gain
share from market leader Textron Inc.’s Cessna unit last year.
Since December 2003, Raytheon has won about $1 billion of
business from NetJets, including an order for 50 Hawker 400 XPs,
which replaced an order NetJets had canceled with Textron.
Raytheon sold 100 jets, or 19 percent, of the 518 business
jets sold globally last year, up from 94, or 14 percent, in 2002,
the General Aviation Manufacturers Association said in its annual
report on small-aircraft deliveries. Textron’s share fell to 38
percent from 45 percent. Deliveries worldwide dropped 23 percent
as companies struggling with low profits or losses cut jet
purchases.
Bloomberg News
