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Gulfstream Wins $473 Million Contract from Israel

Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE:GD), has been awarded a contract with a potential value of up to $473 million.

Gulfstream, based in Savannah, Georgia, will supply and provide support for four Gulfstream G550 business jet aircraft, with an option for two additional G550 aircraft, to the Israeli Ministry of Defense.

The aircraft will be used as Compact Airborne Early Warning (CAEW) platforms. The program will take full advantage of the Gulfstream G550's exceptional capabilities, endurance, reliability and low operating cost.

The contract includes a firm, fixed-price 10-year contractor logistics support (CLS) program valued at up to $18 million, with the follow-on 10-year option valued at up to $26 million.

Following initial phase and partial final phase production, which includes interior and exterior modifications to the platform at Gulfstream's Savannah facility, the mission equipment installation and system integration will be done in Israel.

The sale to Israel of the Gulfstream G550 aircraft is conditional on meeting all required United States government approvals.

"We are extremely pleased that the Israeli Government has once again entrusted such an important program to our team," said Buddy Sams, senior vice president, government programs, Gulfstream. "Their decision to choose the Gulfstream G550 is evidence that they are confident in the capability of our products and our Special Missions Program Office," added Sams. "This announcement follows the selection two years ago of Gulfstream by the Israeli Ministry of Defense as the platform for its Special Electronic Missions Aircraft," continued Sams. " We are delighted by the Israeli government's choice of the very able and flexible Gulfstream G550 for this demanding and important program. The G550's ultra-long-range and high performance makes it the perfect platform for hosting state-of-the-art surveillance systems."

More than 34 countries operate Gulfstream aircraft in a variety of roles, including 22 that use them to transport their heads of state.