August 26, 2016 10:45 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. NetJets Inc. operates as a subsidiary of Berkshire Hathaway Inc.

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 2016.

NetJets Inc. Key Developments

Deutsche Lufthansa AG Extends Strategic Alliance with NetJets

Deutsche Lufthansa AG has extended its strategic alliance with NetJets. The service complements the first-class service of the Lufthansa Group within Europe and North America. Passengers often use these flights to travel to and from the Lufthansa and Swiss First Class intercontinental routes, an option that is only available from Lufthansa. Lufthansa Private Jet offers passengers a high level of flexibility in terms of time: the flights are available at short notice up to ten hours before departure in Europe and up to twelve hours before departure in North America. There are more than 1,000 destinations to choose from. Passengers can choose between small-size, mid-size and large-size aircraft, depending on the number of passengers and route. The airfares vary accordingly. Lufthansa Private Jet passengers have access to the first-class terminal in Frankfurt and to all Lufthansa and Swiss first-class lounges worldwide. A limousine transfer service at the hubs Frankfurt, Munich, Dusseldorf and Zurich are part of the service, as is VIP treatment at the major North American airports. Lufthansa Private Jet also offers a limousine service from home or office directly to the aircraft. The special Lufthansa Private Jet Sales & Service team is available around the clock to look after the needs of Lufthansa Private Jet passengers. Passengers receive 10,000 bonus miles, status or HON Circle miles for each Lufthansa Private Jet flight. Frequent travellers, Senators and Hon Circle members get an additional 25% executive bonus on their mileage credit.

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.

Similar Private Companies By Industry

Company Name Region
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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.
 

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