Despite facing the gravest economic slowdown in decades, officials for Gulfstream Aerospace (Chalet No. 24) say they remain optimistic about the long-term health of business aviation and point to the Middle East market as an enduring bright spot.
“In this uncertain time people are slowing down” purchases of business airplanes, noted Larry Flynn, senior vice president of marketing and sales for Gulfstream. “But this region is doing better for us than some others. You can see the evidence here at MEBA with the number of aircraft on static display, the exhibitors and the visitors. This is a very significant show.”
Flynn said the percentage of Gulfstream’s order backlog that could be at risk in the face of tightening credit and massive losses in world financial markets is anticipated to be quite small. Gulfstream, he said, experienced only one order cancellation this year and two last year. The Savannah, Georgia company is in the midst of an unprecedented period of growth, he noted, saying Gulfstream took 257 orders last year and expects to deliver 159 airplanes in 2008. Its order backlog currently stands at about $22 billion.
