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NetJets Announces Major Pilot Layoffs

by Deidre Woollard (RSS feed) —

Filed under: Wings

warren buffettNetJets Inc., the fractional ownership and plane leasing company owned by Warren Buffett's Berkshire Hathaway Inc., has announced major layoffs. Due to a slowdown in business travel and the overall usage of private jets the company is firing 495 pilots.

Bloomberg quotes a statement from David Sokol, NetJets CEO who said that the decision came from looking at current and predicted flight demand. The news comes just around two months after Sokol took over and the company moved back to Columbus, Ohio.

Currently the company owns more planes than it is using. NetJets employs over 3,000 pilots worldwide. The layoffs come after an earlier layoff of 350 non-pilot workers which was announced in September. Some are questioning whether or not the fractional private jet model still has a place in this economy. I think it does but that the scale may be smaller than these companies would like.

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Tags: berkshire hathaway, BerkshireHathaway, netjets, warren buffett, WarrenBuffett

NetJets Announces Major Job Cuts

by Deidre Woollard (RSS feed) —

Filed under: Wings

netjets adPrivate jet company NetJets has announced major job cuts. The company, which is owned by Warren Buffett's Berkshire Hathaway, will cut 350 jobs, five percent of its work force. The Columbus Dispatch also reports that the company is delaying an expansion of its Port Columbus campus. The project was to be one of the biggest economic-development projects in Ohio and Columbus fought valiantly to lure NetJets to Ohio. The company had promised that the $200 million expansion could create as many as 800 jobs within six years. The company had not accepted any public money for the expansion. Cash incentives were to be made in the form of reimbursement.

Like many jet operators NetJets has struggled in the economic slump. It lost nearly $350 million during the first six months of 2009. Many charters and fractional businesses have had layoffs in the wake of major decreases in business travel and some have folded up shop completely. Ohio government officials expressed confidence that the company would continue to stay in the state and would be an economic powerhouse once again.

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Tags: berkshire hathaway, BerkshireHathaway, charter, netjets, private jets, PrivateJets

NetJets Falcon 7X by Lord Norman Foster

by Jared Paul Stern (RSS feed) —

Filed under: Wings

Lord Norman Foster
When NetJets Europe placed the largest order in business aviation history with manufacturer Dassault, for 33 Falcon 7X aircraft, they decided that the $1.5 billion worth of jets needed a little something special. The company commissioned British architect Lord Norman Foster (above) to design the interior and exterior of the high-tech planes, the fastest Falcon ever made. Foster drew on his experience both as a pilot and a NetJets client for the project, the result of which was just unveiled. The 33 7X's are being integrated into the NetJets fleet over the next eight years.

Foster's 7X is "thematically zoned into a well-being space for customers and a work space for crew." The passenger cabin is "light and tranquil" featuring leather seating, a cream and tan color scheme and Fiddleback Sycamore wood fittings. Foster designed the seating arrangements to accommodate both business meetings and an "enhanced sleeping and dining experience." The work area is markedly different with an industrial vibe featuring a grey and black color scheme, employing carbon fiber and steel for the galley and crew areas.

Gallery: Falcon 7X by Lord Norman Foster


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Tags: Architect, Dassault, Falcon 7X, Falcon7x, Lord Norman Foster, LordNormanFoster, NetJets, NetJets Europe, NetjetsEurope, Private jets, PrivateJets

Business Jets See Drop In U.S. Demand

by Tracy Chait (RSS feed) —

Filed under: Wings


At the recent Farnborough International Air Show, usually abuzz with the latest in jet envy, market experts were instead agreeing that the U.S. demand for business jets has softened considerably. And some companies are pulling the plug on private jet travel unless the circumstances truly justify it. Supposedly due to the current economic downturn and not a response to surging fuel costs, the decrease in U.S. demand for corporate jets is in stark contrast to burgeoning sales in Russia and the Middle East, whose new moguls are shelling out between $3 and $40 million for aircraft ordered at the air show.

It's not that execs are flying commercial -- the rough equivalent of trading in your Lamborghini for a used minivan full of crying babies -- but they are chartering flights instead of buying their own wings. Business jetsetters are turning more frequently to NetJets fractional ownership or a Marquis jet card, a kind of jet use debit card. Not exactly the Greyhound of the skies just yet, a Marquis jet card starts at $126,900 for 25 hours of flight time. And you won't have the joy of pimping out your cabin like that renowned Airbus A380, whose on-board hot tub and "desert oasis" tacked on an additional $150 million to the aircraft's pricetag.

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Tags: airbus a380, AirbusA380, bombardier, business jets, BusinessJets, marquis jet card, MarquisJetCard, netjets, private jet, PrivateJet

NetJets Europe Makes Carbon Neutral Flying Mandatory

by Deidre Woollard (RSS feed) —

Filed under: Wings, Green

The move toward encouraging users of private jets to pay for carbon offsets has for the most part been optional with a strong dose of guilt. Now The Guardian reports that NetJets Europe has upped the ante by making carbon offsetting compulsory for its customers. The company is set to announce that all the new customers will have the cost of offsets added to their bills, adding around 4,000 euros to the bill for each NetJets customer. Existing customers will be signed up for the added cost when they renew their contracts. The chairman of NetJets Europe was quoted as saying in the article that he does not believe the added cost will damage sales and that the customers have driven this move. NetJets will invest in the carbon offset projects of EcoSecurities.

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Tags: carbon neutral, carbon offset, CarbonNeutral, ecosecurities, netjets, private jets



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