General Dynamics’ jet maintenance unit to take hit from Western sanctions
March 16, 2022
(Reuters) – General Dynamics Corp said its jet aviation business is likely to be impacted by Western sanctions on Moscow over its invasion of Ukraine, the weapons maker said at the J.P. Morgan Industrials conference on Wednesday.
The Jet Aviation unit, which deals with maintenance, repair and overhaul of airplanes, is likely to be hit primarily in Geneva and somewhat in Basel, Austria, the company said.
“It would be folly to think that the jet (business), in particular, given where they’re located won’t see some impact,” said Phebe Novakovic, chief executive officer of General Dynamics.
Novakovic said the company is accessing the impact and doesn’t have an estimate at the moment.
The weapons maker, which manufactures the Gulfstream business jet, also said that some impact on its managed airplane business is expected due to the ongoing sanctions.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)