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51-480: Gulfstream Aerospace Corporation is an American aircraft company and a subsidiary of General Dynamics . Gulfstream designs, develops, manufactures, markets, and services business jet aircraft. Gulfstream has produced more than 2,000 aircraft since 1958. Gulfstream's current range consists of the G280 , G400 , G500/G600 , and G650 /G650ER/G700/G800. The company that evolved into Gulfstream Aerospace Corp. started in

102-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages

153-625: A $ 5.5 million aircraft refurbishment and completions support facility in Savannah in 2000. In 2001, it acquired Galaxy Aerospace and with it, the mid-size Astra SPX and super mid-size Galaxy, which were later rebranded the Gulfstream G100 and Gulfstream G200 , respectively. Also in 2001, Gulfstream purchased four U.S. maintenance facilities in Dallas , Las Vegas , Minneapolis , and West Palm Beach, Florida . Those service centers, along with

204-473: A Gulfstream facility in Westfield, Massachusetts, formed General Dynamics Aviation Services, which maintained and repaired Gulfstream and other business-jet aircraft. In 2002, Gulfstream renamed its products, using Arabic numerals instead of Roman numerals to differentiate its aircraft. At the time, the company's lineup included the ultra long-range Gulfstream G550 and G500, the long-range Gulfstream G400 ,

255-487: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be

306-662: A few months of the GV's first delivery in June 1997, it set nearly 40 city-pair and/or speed and distance records, and its development team was awarded the 1997 Robert J. Collier Trophy , the highest honor in aeronautics or astronautics in North America. In 1998, Gulfstream purchased K-C Aviation from Kimberly-Clark Corp. for $ 250 million, which had operations in Dallas , Appleton, Wisconsin , and Westfield, Massachusetts . In 1999, General Dynamics purchased Gulfstream, and it opened

357-502: A few years. On January 2, 1973, Grumman merged its civil aircraft operations with light-aircraft manufacturer American Aviation Corporation . The 256th and final GII delivery took place in 1977. One year later, the Gulfstream line and the Savannah plant were sold to American Jet Industries , which was headed by entrepreneur Allen Paulson . Paulson became the president and CEO of the company, renaming it Gulfstream American . He made

408-524: A five-year contract with NetJets in 1994. It completed the Gulfstream V Integration Test Facility and rolled out the GV – the first ultra-long range business jet – in 1995. The opening of a $ 16 million Savannah service center with 136,000 square feet (12,630 m) of hangar space followed in 1996. In 1997, Gulfstream began the simultaneous manufacture of two aircraft models – the GIV-SP and the GV. Within

459-470: A high angle of attack before its right wingtip hit the runway, then slid on the ground and caught fire. The National Transportation Safety Board (NTSB) determined the probable cause of the crash was an aerodynamic stall of the aircraft due to a failure to properly develop and validate takeoff speeds, persistent and increasingly aggressive attempts to achieve a V2 speed that was too low and an inadequate investigation of previous uncommanded roll events. Following

510-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and

561-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of

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612-430: A maximum operating speed of Mach 0.85. It can reach its 41,000-foot (12,500 m) initial cruise altitude in 20 minutes and can climb to a maximum altitude of 45,000 feet (13,720 m). In 2009, the company conducted two powered rollouts one week apart. The Gulfstream G650 officially rolled out of the Savannah manufacturing facility under its own power on September 29, 2009. The G280 followed just one week later. Both

663-460: A new Sales and Design Center. As a result of the expansion, employment at the facility was expected to grow by some 1,100 jobs. To meet the immediate need for engineering office space, Gulfstream opened a Research and Development Center (RDC). The RDC accommodates approximately 750 technical and engineering employees. In April 2007 Gulfstream broke ground for a new business-jet manufacturing building at its headquarters in Savannah. The following month,

714-524: A new plane, the Gulfstream IV , was conceived. The following year, Gulfstream offered 8.8 million shares of stock to the public. In 1985, Chrysler Corp. acquired Gulfstream for $ 637 million as part of the automaker's plan to diversify into high-tech industries. This was also the year that Gulfstream first appeared on the Fortune 500 list, at No. 417. Two years later, the 200th and last Gulfstream III

765-726: A priority of developing the Gulfstream III . The GIII was a new aircraft designed to achieve greater range and speed than the GII. The GIII made its first flight in December 1979, with the first delivery in 1980. It was the first business jet designed to fly over both poles. The Hustler 400 was a corporate aircraft that featured a propeller in front for short runway use, and a jet in back for high-altitude cruising. The prototype, designated Hustler 400, first flew on January 11, 1978, but never entered production. In 1981, Gulfstream introduced

816-462: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of

867-495: A useful part of the company that allows every head of the company to apply new projects and latest rules. Robert J. Collier Trophy The Robert J. Collier Trophy is awarded annually for the greatest achievement in aeronautics or astronautics in America, with respect to improving the performance, efficiency, and safety of air or space vehicles, the value of which has been thoroughly demonstrated by actual use during

918-1002: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it

969-549: Is a telescopic nose device that softens the effect of the sonic boom by smoothing the pressure wave created by flying at the speed of sound. Gulfstream views lifting the current US supersonic ban as essential for a viable business case for supersonic aircraft. In 2006, the 12-year production run of the G100 ended, and the Gulfstream G150 entered service to take its place. The G150 was the first business jet to be certified by

1020-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls

1071-511: The Aero Club of America . In 1910, he commissioned Baltimore sculptor Ernest Wise Keyser to make the 525-pound (238 kg) Aero Club of America Trophy . First awarded in 1911 to Glenn H. Curtiss for his successful development of the hydro-aeroplane . Collier presented his namesake trophy several times before his death in 1918. The award is presented once a year by the NAA president, with

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1122-549: The G400 , G700 and G800 cabins. About 200 Gulfstream are used by 35 governments, mainly the G550  : air transports of heads of state and government , airborne early warning , medical evacuation , high-altitude atmospheric research , and intelligence, surveillance and reconnaissance . Gulfstream Aerospace is involved in the local Savannah community through a variety of programs and initiatives. In November 2018, $ 2 million

1173-470: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in

1224-509: The Barnes Regional Airport in Westfield, Massachusetts, that will result in 100 additional Gulfstream jobs, a nearly 80 percent increase over the size of Gulfstream's Westfield workforce. The Luton service center also relocated to a 75,000-square-foot, more modern hangar. The hangar and accompanying office area nearly doubles space at the site, allowing Gulfstream Luton technicians to service Gulfstream's entire fleet, including

1275-462: The FAA for Stage 4, the industry's most stringent noise standards. Also in 2006, Gulfstream announced plans to expand its manufacturing and service facilities in Savannah. The seven-year, $ 400 million Long-Range Facilities Master Plan included the creation of a new 624,588-square-foot (58,030 m) service center, an independent fuel farm, a 42,600-square-foot (3,960 m) paint hangar and the addition of

1326-671: The G650 and the G280 flew before the end of 2009. The G650 took its first flight on November 25, while the G280 went up for the first time on December 11. In November 2010, Gulfstream announced an expansion of its Savannah facilities through a $ 500-million, seven-year plan. The growth resulted in 1,000 additional Gulfstream jobs, an increase of more than 15 percent. In addition to the Savannah expansion, Gulfstream's sites in Westfield, Massachusetts, US, and Luton, UK, also grew in 2011. In October, Gulfstream announced an expansion of its service center at

1377-588: The Gulfstream GIIB. The GIIB had a modified GII fuselage and the GIII wings, complete with winglets. The variant offered weight and performance characteristics similar to the GIII, but with the shorter GII fuselage. Gulfstream completed and delivered approximately 40 GIIBs. Under Paulson the Savannah work force grew to 2,500 by the spring of 1982. Also in this year, the company's name changed to Gulfstream Aerospace Corporation to reflect its worldwide scope, and

1428-499: The US; London, UK; Mexicali, Mexico, and Sorocaba, Brazil; The Gulfstream G500/G600 were unveiled on October 14, 2014, with the G500 taxiing under its own power. It first flew on May 18, 2015. The longer G600 followed on December 17, 2016, intended for delivery in 2018. The company expects the 2017 deliveries to be the same as 2016 at 115 units: 88 large and 27 midsize G280s. Following

1479-743: The United States. Also, in 2003, the long-range Gulfstream G450 was introduced. The large-cabin, mid-range G350 was presented a year later. In 2004, Gulfstream was awarded the 2003 Collier Trophy for the development of the G550. It was the second time in less than a decade that Gulfstream had won the award. The G550 is the first civil aircraft to receive a Type Certificate issued by the Federal Aviation Administration (FAA) that includes an Enhanced Vision System (EVS) as standard equipment on an aircraft. The aircraft also contained

1530-456: The all-new G650, the company's flagship aircraft. Gulfstream suffered a major setback on April 2, 2011, when one of its G650 ultra long-range business jets crashed on the runway at Roswell, NM, fatally injuring the two test pilots and two flight test engineers on board. The aircraft was conducting a takeoff-performance test during which an engine failure was simulated by reducing the right engine's thrust to idle. The G650 became airborne briefly at

1581-417: The company signed a nine-year lease with North Point Real Estate for a second Research and Development Center. The RDC II consists of an office building, which can accommodate 550 employees, and a laboratory building, which is designed for 150 employees and test equipment used in Gulfstream's research and development work. Gulfstream completed the new Sales and Design Center addition in June and officially opened

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1632-579: The crash, Gulfstream raised the V2 speed of the G650. The NTSB accused Gulfstream of withholding information and the use of legal counsel during the investigation, which were denied by the company. In November 2011, the Gulfstream G650 received its provisional type certificate (PTC) from the FAA. This cleared the way for the company to begin interior completions of the ultra-large-cabin, ultra-long-range business jet in preparation for customer deliveries in

1683-507: The fastest civilian aircraft flying at the time. It can climb to 51,000 feet (15,540 m), allowing it to avoid airline-traffic congestion and adverse weather. On October 5 of the same year, Gulfstream announced another addition to its business-jet fleet: the large-cabin, mid-range Gulfstream G250 (later renamed the Gulfstream G280 ). It is capable of traveling 3,600 nautical miles (6,670 km; 4,140 mi) at Mach 0.80 and has

1734-489: The first cockpit to incorporate PlaneView®, an integrated avionics suite featuring four 14-inch (36 cm) liquid crystal displays in landscape format. In 2005, Gulfstream began to offer an in-flight internet connection – its Broad Band Multi-Link (BBML) system. Gulfstream also designed and developed a means of reducing the sonic boom caused by an aircraft "breaking" the sound barrier – the Quiet Spike . The Quiet Spike

1785-424: The first of its kind designed for business travel, was a success, prompting Grumman to develop the jet-powered Grumman Gulfstream II or GII. At the start of the GII program, Grumman officials separated the company's civil and military aircraft production to improve efficiency. In 1966, they relocated the civilian component to Savannah, Georgia where they had found a supply of skilled labor, an airfield adjacent to

1836-524: The first phase of the new Savannah Service Center in August. In 2007, Gulfstream tested its Synthetic Vision -Primary Flight Display (SV-PFD) and EVS II together for the first time. The SV-PFD is an enhancement to the Gulfstream PlaneView flight displays. It features a three-dimensional color image of terrain overlaid with the primary flight display instrument symbology, which are arranged on

1887-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where

1938-527: The late 1950s when Grumman Aircraft Engineering Co., known for military aircraft production, developed a twin turboprop business aircraft at its facilities in Bethpage, New York , called the Grumman Gulfstream I (G-I). The G-I could seat 12 passengers, had a maximum speed of 350 mph (560 km/h) at 25,000 feet (7,620 m) and a range of 2,200 miles (3,540 km). The new aircraft,

1989-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary

2040-649: The meeting of US President Donald Trump and Qatar ’s Emir Sheikh Tamim bin Hamad Al Thani in July 2019, Qatar Airways expressed a desire to buy large-cabin aircraft from Gulfstream. On October 4, 2021, the company introduced the G400 and G800 to their product line. On 28 March, 2023, Gulfstream opened a 12,000 sq ft (1,100 m) sales and design center in Beverly Hills , housing mock ups for

2091-579: The mid-range Gulfstream G300 and G200, and the high-speed G100. 2002 was also the year that Gulfstream introduced its Airborne Product Support aircraft, a specially equipped G100 used to deliver parts and provide any-time service to Gulfstream customers under warranty in North America and the Caribbean. In 2003, Gulfstream acquired a service center at the London-Luton Airport, the first Gulfstream-owned service center to be operated outside

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2142-482: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,

2193-471: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,

2244-440: The plant and room for expansion. Transportation facilities suitable for heavy equipment and machinery as well as weather favorable to year-round flight-testing and flight-training operations enhanced Savannah's appeal. The new building opened in June 1967 and was dedicated on September 29, 1967. It housed production and flight testing for the GII. The 100-person work force that built the GII was 90% local, and grew to over 1,700 within

2295-522: The preceding year. The Collier Trophy is administered by the National Aeronautic Association (NAA) the oldest national aviation organization in the United States. Founded in 1905, the NAA oversees America's oldest and most prestigious aviation and aerospace recognitions. The Collier Trophy is the most coveted of all. Robert J. Collier , publisher of Collier's Weekly magazine, was an air sports pioneer and president of

2346-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain

2397-483: The screen to create a large-view area for terrain. By early 2008, the FAA had certified both EVS II and SV-PFD. On March 13, 2008, Gulfstream announced the introduction of a new business jet: the Gulfstream G650 . The G650 offered the longest range, fastest speed, largest cabin and most advanced cockpit in the Gulfstream fleet. It is capable of traveling 7,000 nautical miles (12,960 km; 8,060 mi) at Mach 0.85 or will cover shorter distances at Mach 0.925, making it

2448-682: The second quarter of 2012, as originally planned. In January 2011, General Dynamics Aviation Services was rebranded as Gulfstream to simplify its brand identity. Gulfstream now owns and operates nine service centers worldwide, plus one component repair facility. As of late 2012 there were indications that Gulfstream was close to announcing the design of a quiet supersonic business jet, first drawings of which appeared in December 2012. Gulfstream employs more than 11,500 people at 12 major locations: Savannah, Georgia.; Appleton, Wisconsin; Brunswick, Georgia ; Dallas; Las Vegas; Westfield, Massachusetts; West Palm Beach, Florida; Van Nuys and Lincoln, California in

2499-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called

2550-452: Was delivered, and the first delivery of a Gulfstream IV took place. The GIV was the first jet in business aviation to have an all-glass cockpit. In 1989 Chrysler decided to sell Gulfstream, and Paulson teamed with Forstmann Little & Co. – a private equity firm specializing in leveraged buyouts – and bought Gulfstream back. The decade that followed the 1989 repurchase was a time of significant advancements for Gulfstream. The company signed

2601-881: Was donated to the United Way of America . Over 100 programs and services at 58 nonprofits in several Georgia counties have benefited. Subsidiary The subsidiary can be a company (usually with limited liability ) and may be a government-owned or state-owned enterprise . They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for

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