Bank to fund new 8 Gulfstream Corp. aircraft for export - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Bank to fund new 8 Gulfstream Corp. aircraft

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Gulfstream announced a multi-million dollar project that will bring more jobs to Savannah. 

Officials said demand has increased overseas and they have sealed the deal with a customer in China who is buying eight jets.

Gulfstream officials said they are able to make it happen with the help of Export-Import bank.

"What we do is provide financing for U.S. exports when conventional financing is available," said Ex-Im Bank President Fred Hochberg.  

Gulfstream officials said they would not have been able to fill this latest multi-million dollar order if it wasn't for Ex-Im Bank.

That bank is providing the financing; it's a $300 million project to build four G450 and four G550 jets.

"Without their help, those airplanes would not be manufactured and would not be sold," said Gulfstream President Larry Flynn.  

Flynn says he only expects for the international demand for their planes to grow.

"If you look ten years ago, about 80% of our demand was the United States, now it is 50/50," said Flynn.

Fifty percent of Gulfstream's demand is coming from overseas, which means now they are competing even more so on a global scale.

"When Gulfstream competes, they are competing against France, against Brazil, against Canada," said Hochberg. "We want those jobs here in Georgia."

Gulfstream officials say jobs is one of the best aspects of this project.

"In the last three years, we have hired 2,500 people and the majority of those are in the Savannah and Brunswick area," said Flynn.

Flynn says they hope to land more employees as the company works to get more big orders like this latest one from China.  


For a list of Gulfstream jobs, see this link.

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