Berkshire Updates Fleet With $17.6 Billion in Luxury Jets
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NetJets, the aviation business of Warren Buffett’s Berkshire Hathaway Inc., said its newest contracts with planemakers will help avoid another aircraft glut even as it renews its fleet with jets valued at $17.6 billion.
The fractional-jet company, whose clients take a stake in planes in exchange for flight hours, struck deals since 2010 to buy as many as 670 aircraft from Bombardier Inc., Textron Inc.’s Cessna unit and Embraer SA. Deliveries begin today and will stretch over the next decade as NetJets retires older planes.