Gulfstream and Israel Aircraft Industries (IAI) have decided to speed up development of their G150 mid-size business jet.
The two manufacturers plan to complete the development phase within two to three years, with a joint investment of $70 million, says an IAI source.
The G150 will replace the mid-size Gulfstream G100 and will compete with Raytheon's Hawker 800XP and Cessna's Citation Sovereign, which is due to enter service early next year. The G150 design features the wing and tail of the G100, with a larger, rounder fuselage and new engines.
The G100 and G200 were acquired by Gulfstream parent General Dynamics in 2001 after the sale by IAI and the Hyatt group of Galaxy Aerospace, the exclusive US sales, marketing and support entity for the business jets. IAI continues to manufacture aircraft and will work with Gulfstream on the development of new business jets. "We want to be ready with a new business jet when the downturn of the market ends," says the source.
Source: Flight International
