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BRITISH AEROSPACE SEEKS PARTNER FOR CORPORATE JETS BUSINESS

 BRITISH AEROSPACE SEEKS PARTNER FOR CORPORATE JETS BUSINESS
 WASHINGTON, April 10 /PRNewswire/ -- British Aerospace plc has been conducting a strategic review of its various businesses and their investment requirements. As a result of this review, the company has decided to seek a majority investor for its corporate jets business.
 To facilitate this process, the relevant assets, employees and trading activities in the U.K. will be transferred into a new subsidiary called Corporate Jets, Ltd., to be formed effective May 1, 1992, with overall responsibility worldwide for this line of business.
 Similarly, the relevant activities in North America will be transferred into a unit of British Aerospace, Inc., to be known as the Corporate Jets Division with Ken Spinney designated as the vice president in charge.
 British Aerospace is undertaking full consultation on the implication of any change in ownership with its customers, employees and their representatives.
 The merchant bankers, Kleinwort Benson, have been retained to advise British Aerospace plc in the search for a suitable partner.
 -0- 4/10/92
 /NOTE: British Aerospace Corporate Jets business produces the highly successful BAe 125 series business jet. More than 800 BAe 125 aircraft have been sold into 40 countries since the first aircraft was delivered in 1964, equivalent to one sale every seven working days. Nearly 500 aircraft have been sold in North America.
 Two versions of the BAe 125 are currently offered; the series 800, which typically seats eight to ten passengers and the new longer range, InterContinental BAe 1000.
 The BAe 125-800 and BAe 1000 are built at British Aerospace's Chester, U.K., facility with sales, design and engineering support from Hatfield, U.K.
 Some 60 percent of sales of the BAe 125 have been made in North America where British Aerospace maintains a sales and support operation based in Washington. Aircraft for the North American market are typically flown from Chester to specialist completion centers.
 A number of BAe 125 aircraft have been sold for specialist roles including the recent selection of 30 BAe 125-800 variants for the Japanese Self Defense Force.
 /CONTACT: Michael Jolley of British Aerospace, 703-435-9100/ CO: British Aerospace ST: District of Columbia IN: ARO SU:


TW -- DC008 -- 7098 04/10/92 09:38 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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