/ICAO Stage 3/Chapter 3 noise emission standards. This problem, however, will probably be solved through a cooperative effort between Gulfstream Aerospace Corporation and Rolls Royce to manufacture a suppressor system (Phillips, 1991, p. 209).
After establishing the Gulfstream line of corporate aircraft, in 1978 Gruman sold its interest in the Savannah, Georgia based manufacturer. Over time, the company came to be known first as Gulfstream American, and then later as Gulfstream Aerospace Corporation. For a number of years, it was run by the conservative, Allen E. Paulson. In 1983, he took the Gulfstream Corporation public. Then, in 1985, Paulson sold the company to Chrysler Corporation (Hawkins, 1993, p. 116). Leaving Paulson in charge, Chrysler built the jet airplanes for four years. In 1990, Gulfstream was again sold; this time to a New York investment firm, Forstmann, Little, & Company.
In 1991, Forstmann, Little, & Company recruited William Lowe to act as Gulfstream Aerospace Corporation's chairman. Lowe's main purpose at Gulfstream has been to initiate change. In the past, the aircraft company's sales efforts were focused towards corporations which were already flying Gulfstreams. More recently, Gulfstream Aerospace is attempting to sell aircraft to people who don't have a corporate jet. Lowe has taken a number of different approaches towards achieving this objective. For example, he set up a new marketing unit at the company. In addition, Forstmann, Little, & Company has developed plans for the Gulfstream V (Hawkins, 1993, p. 114).
During the early 1980s, Gulfstream aircraft dominated the large business jet market. However, in recent years, sales of Gulfstream IV business jets have slowed considerably. New plane deliveries decreased in each of the four years from 1988 to 1992 (Hawkins, 1993, p. 114). That slow down resulted in a drop in revenues from $1.12 billion in 1988 to...