November 14, 2012 / 6:18 PM / 5 years ago

Gulfstream delivers first G280 business jet

(Reuters) - Gulfstream Aerospace, the business-jet making division of General Dynamics (GD.N), said on Wednesday it delivered its first mid-sized G280 jet to a U.S.-based manufacturer it did not identify.

Produced by a joint venture between Gulfstream and Israel Aerospace Industries, the G280 is priced at about $24 million and can seat up to 10 passengers.

Demand for business jets fell in 2009 after five years of growth in deliveries as companies clamped down on spending in wake of the global financial crisis.

From a peak of 1,313 planes delivered in 2008, total worldwide shipments of business jets have fallen during the last three years, with 695 jets shipped in 2011, according to data from the General Aviation Manufacturers Association.

Honeywell International, which gives an annual forecast based on surveys with business jet operators, this year said jet demand is rebounding and is likely to rise over the next decade.

Larger jets, used by bigger companies and extremely wealthy individuals, have fared better than smaller ones whose chief clients include small business customers that were pinched in the downturn.

Reporting by Karen Jacobs;editing by Sofina Mirza-Reid

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