GULFSTREAM AEROSPACE WITHDRAWS INITIAL PUBLIC OFFERING
GULFSTREAM AEROSPACE WITHDRAWS INITIAL PUBLIC OFFERING SAVANNAH, GA., April 1 /PRNewswire/ -- Gulfstream Aerospace Corp.
and Forstmann Little & Co. announced today that they have decided to withdraw Gulfstream's planned public offering of 5.0 million shares.
Wm. Brian Little, general partner of Forstmann Little, said, "Given Gulfstream's conservative capitalization and strong growth prospects, we are unwilling to proceed with the offering at a price that does not reflect the true value of the company's unique franchise at a time when it has no need to raise new capital. Gulfstream's operating performance is expected to be very strong in 1992, with sales of both new and used aircraft well above 1991 levels." Gulfstream is the designer, manufacturer and marketer of the Gulfstream IV, one of the world's most technologically advanced business jet aircraft. In 1991, Gulfstream had revenues of $887 million and new orders of 31 planes. Founded in 1978, Forstmann Little & Co. is a New York-based investment partnership which acquires or makes significant investments in operating companies. Gulfstream was acquired by Forstmann Little in March of 1990. -0- 4/1/92 /CONTACT: George Sard or Tom Sanford of Ogilvy Adams & Rinehart, 212-557-0100, for Gulfstream Aerospace/ CO: Gulfstream Aerospace Corp.; Forstmann Little & Co. ST: Georgia IN: AIR SU: OFR
KD -- NY096 -- 4070 04/01/92 16:57 EST
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|Date:||Apr 1, 1992|
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