May 25, 2016 10:14 PM ET

Airlines

Company Overview of NetJets Inc.

Company Overview

NetJets Inc., through its subsidiaries, provides private aviation services for individuals and businesses across various destinations worldwide. It offers private aircraft management, flight operations, on-demand air charter, charter aircraft management, and turnkey aircraft management services, as well as sells the Marquis jet cards. NetJets Inc. was formerly known as Executive Jet, Inc. and changed its name to NetJets Inc. in October 2002. The company was founded in 1964 and is based in Columbus, Ohio. It has businesses in North America, Europe, and China.

4111 Bridgeway Avenue

Columbus, OH 43219-1882

United States

Founded in 1964

Phone:

614-239-5500

Fax:

614-239-2119

Key Executives for NetJets Inc.

Chairman and Chief Executive Officer
President and Chief Operating Officer
Chief Financial Officer
Chief Executive Officer of Executive Jet Management and President of Executive Jet Management
President of Netjets Europe
Compensation as of Fiscal Year 2015.

NetJets Inc. Key Developments

Flight Dispatchers and NetJets Reach Agreement

The International Brotherhood of Teamsters, Teamsters Airline Division and Local 284 have reached a tentative agreement with NetJets on a five-year contract for approximately 50 flight dispatchers at NetJets. The agreement reached on May 5 is the first union agreement for the NetJets dispatchers. The average first year wage increase is 18.5%. The contract prohibits displacement or removal from a dispatcher position, furlough or remaining on furlough as a result of implementation of new technology or changes to existing technology. In addition to average signing bonuses in excess of $11,000, the contract prohibits management from increasing out of pocket expenses related to the dispatchers' health insurance benefits. The new collective bargaining agreement ends at-will employment and replaces it with just cause protections, access to stewards and other union representatives on the job. It also includes protections against subcontracting or assigning work to employees who are not covered by the contract. The contract will be prepared for member review and voting dates will be announced soon.

Teamsters Denounces Anti-Worker Actions at NetJets

The International Brotherhood of Teamsters, the Teamsters Airline Division and Teamsters Local 284 are warning of another serious labor dispute at NetJets. NetJets workers are speaking out against cost-cutting demands and proposals that they say undermine the ability to perform their jobs, which are essential to the safety of NetJets passengers. NetJets technicians and flight dispatchers are preparing for a strike authorization vote. The latest labor dispute at NetJets follows a multi-year battle by the company against its pilots and flight attendants. Local 284 members at NetJets who work in fueling, catering, dispatching, stock clerk, aircraft cleaning and maintenance control operations also could be impacted by the latest round of labor unrest. Affected workers have been in contract negotiations for more than five years. The Teamsters plan to meet with the leadership of NetJets Association of Shared Aircraft Pilots (NJASAP), the union representing pilots, to discuss the escalating labor dispute. Meetings are also scheduled with local union officials in cities where NetJets conducts a large volume of flights.Federal labor laws permit unions to stage informational picketing, hand billing and other events to publicize a labor dispute at locations where customers and potential customers maintain offices and conduct business.

NetJets and International Brotherhood of Teamsters Ratify Collective Bargaining Agreement

The National Mediation Board (NMB) announced that NetJets and members of the International Brotherhood of Teamsters (IBT) ratified its Collective Bargaining Agreement on December 10, 2015 covering the craft or class of Flight Attendants.

Similar Private Companies By Industry

Company Name Region
24th Century Air LLC United States
44SH, LLC United States
A-List Jets, Inc. United States
Abilene Aero, Inc. United States
AER Aviation Inc. United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 12, 2016
NetJets China Business Aviation Limited
Bankruptcy
March 14, 2016
Westech Capital Corp.
 

The information and data displayed in this profile are created and managed by Capital IQ, a Standard & Poor's company. Bloomberg.com does not create or control the content. For inquiries, please contact Capital IQ directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Bloomberg L.P. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact NetJets Inc., please visit www.netjets.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.