Although flying for the airlines is still the most popular aviation career, it is not the only one. Flying modern business jets is a fun and lucrative way to earn a living as a Commercial Pilot and as the industry returns to pre-recession levels more pilots will be in demand by corporate flight departments as well as the very successful Fractional Ownership companies such as NetJets.
NetJets, the aviation business of Warren Buffett’s Berkshire Hathaway Inc., said its newest contracts with aircraft manufacturers as it renews its fleet with jets valued at $17.6 billion according to Bloomberg.com
“The fractional-jet company, whose clients take a stake in planes in exchange for flight hours, struck deals to buy as many as 670 aircraft from Bombardier, Cessna and Embraer. Deliveries begin today and will stretch over the next decade.
“What makes this business interesting and difficult is that you have to make relatively large capital determinations on what you expect the world to look like several years hence,” Chief Executive Officer Jordan Hansell said in an interview in Columbus, Ohio, where NetJets is based. The contracts provide flexibility, allowing NetJets to “respond where we’re inevitably going to be off one way or the other.”
Before today’s scheduled delivery of a Bombardier Global 6000, NetJets had about 520 fractionally owned planes and 170 more under management. The latest contracts include orders for 225 planes and options to purchase another 445, according to statements from the companies.
NetJets is also updating its fleet of small- and medium- cabin aircraft, agreeing to buy as many as 275 Bombardier Challenger models, 150 of Cessna’s Citation Latitude jets and 125 Embraer Phenoms in deals announced from 2010 through June.”