Israel Aircraft Industries and Chicago’s Pritzker family plan to build a new line of midpriced business jets, aiming to cash in on a market that is expected to flourish in the next decade.
Their private U.S. corporation, called Galaxy Aerospace, formally announced the joint venture Tuesday.
Tom Pritzker, president of Hyatt Corp., said he hoped the partnership would help Israel Aircraft Industries, known best for its military products, make a strong presence in the lucrative U.S. civilian aircraft market.
“What the Israelis needed was an American presence, with some marketing background - and money,” Pritzker said.
The company’s flagship airplane, the Galaxy, will seat eight to 19 people and have a range of nearly 4,000 nautical miles. That would cover many popular business routes, including New York to Paris and New York to Los Angeles.