Newspaper article THE JOURNAL RECORD

Group Offers to Buy Gulfstream Facilities / Plus Commander Line

Newspaper article THE JOURNAL RECORD

Group Offers to Buy Gulfstream Facilities / Plus Commander Line

Article excerpt

A group of investors, headed by William Kaczor of Oklahoma City, has issued a letter of intent to purchase the rights and faci lities of Gulfstream Aerospace Corp. at Wiley Post Airport, plus the discontinued Commander aircraft line, Kaczor announced Monday.

The amount of the offer was not disclosed by Kaczor, a former vice president in the Commander division when it was owned by Rockwell International. Bill M. Humes, senior vice president for Gulfstream operations in Oklahoma, said no dollar value was included in the letter.

"We are proposing to purchase the plant and the facilities, all of the engineering and the type of certification, the whole ball of wax," Kaczor said.

The investors are known as "the Oklahoma City Group."

The goal of the group is to keep in operation Gulfstream's 660,000-square-foot plant at Wiley Post Airport, Kaczor said, as well as to renew production in the twin-engine Commander Jetprop. Production was stopped in January.

The Gulfstream plant currently employs approximately 410 workers for a monthly payroll of about $1 million, Humes said.

Kaczor presented the letter of intent on Friday to Humes. If terms are accepted, a verification audit, plus a financial and price proposal may be made, Kaczor said.

The investment group would be "looking for some sort of intention indicator this week," Kaczor said. However, Humes said he would "doubt very seriously" whether Gulfstream officials would make a decision in that time.

"There really wasn't any dollar value in the letter. That's what surprises me," Humes said.

The investment group was launched approximately two months ago around a core primarily composed of Oklahoma City investors.

Kaczor, a principal member and spokesman for the group, is the president of Owner to Owner, Inc., a turbine aircraft consulting and marketing firm based in Oklahoma City and Stuart, Fla.

The group's other members wish to remain anonymous for planning and positioning reasons, he said.

In May, Gulfstream Chairman Allen E. Paulson offered Chrysler Corp. of Detroit a six-month option to purchase about 20 percent of Gulfstream's outstanding shares at $19 per share.

"We have had some concern of the possible impact the Chrysler merger might have," Kaczor said. "This wasn't in the picture when we considered it."

However, Kaczor did not feel the Chrysler move would interfere with his group's initiative.

"Our letter was not conditional on anything that would involve Chrysler," he said.

The future of the Commandeer, if purchased by the Oklahoma City Group, would revolve around new innovations and designs developed at the Bethany plant, Kaczor noted. …

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