Fractional Ownership News
NetJets poised for growth
NetJets chairman and CEO Jordan Hansell has revealed the company is set for growth despite tough trading conditions in Europe, which accounts for a quarter of NetJets’ business.
“It’s a very difficult economic environment, on the level of what happened in 2008 in the U.S.,” Hansell said of the European situation. “It’s going to be slow for some time.”
The company also recently terminated its joint venture in the Middle East. Hansell said the company expects to enter a new partnership arrangement in the region in the future, but will continue to serve its Middle East customers through NetJets Europe.
Progress is being made towards the launch of NetJets China, with the hiring in the summer of Eric Wong as CEO. The company is waiting for approval from the Chinese aviation authorities, which Hansell hopes might come this year.
In the US, the market “has bubbled along” in 2011, Hansell said. NetJets recorded sales gains of eight per cent for fractional shares and six per cent for Marquis Jet 25-hour cards in 2010, and has gained about 80 new fractional owners and 475 new sales of Marquis cards in 2011.
Hansell told the Columbus Dispatch he expects slow but steady growth this year. The company has ordered nearly $8 billion worth of new aircraft in the past 14 months, with another large order or two to come soon. Hansell emphasized that the purchases are the result of long-range planning, not a sign that the company expects explosive growth anytime soon.
“We want to be a steady performer for Berkshire,” Hansell said. “We’re focused on providing the safest option and highest level of service in the industry.”
www.netjets.com
03/01/12
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