Mon., July 11, 2011 8:29am (EDT)

Gulfstream Nets $2.5B Sale
By Associated Press
Updated: 3 years ago

SAVANNAH, Ga.  —  
Gulfstream's G550.  (photo Joshua Veitch-Michaelis)
Gulfstream's G550. (photo Joshua Veitch-Michaelis)
A Chinese aviation leasing company has announced a deal with Gulfstream Aerospace to buy 50 high-end business jets for more than $2.5 billion.

Gulfstream spokesman Jeff Miller has confirmed the deal with Minsheng Banking Corp. The deal is expected to be converted into firm orders over the next three to five years.

According to Minsheng, the company plans to order a mix of Gulfstream models, including the large-cabin G650, G550 and G450 — all manufactured in Savannah. Asia is emerging as one of the strongest markets for Gulfstream, which also has an agreement with Beijing-based Deer Jet. Co., China's largest business jet operator.

Minsheng took delivery of its first G450 in June.