It has turned out to be one of the biggest deals in business aviation that never was. In late January Jet Aviation announced it had rejected all purchase offers after a months-long effort to find a buyer for the charter, completions, maintenance and FBO conglomerate. Thomas Hirschmann, chairman and CEO of the Hirsch-mann Group of Companies, which owns Jet Aviation, said, “This evaluation process has ended and our shareholders have decided not to accept any of the proposals set forth by potential buyers. We believe this move is in the best interests of Jet Aviation, its management, employees and customers worldwide.”
At the time of the announcement, Hirsch-mann noted that financial results for fiscal 2002 were the best in the company’s history, eclipsing those of its previous best year, 2000. Though he did not reveal details of last year’s figures, total revenues for 2000 were $540.3 million. In 2001, profits were down some 6 percent ($35.3 million) from the previous year. The reduced numbers nevertheless represented Jet Aviation’s second-best year ever.
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