NetJets To Furlough Nearly 500 Union Pilots

NetJets, the largest fractional jet share provider, has notified the labor organization representing its pilots that it plans to furlough as many as 495 of them in mid January. The news comes as no surprise, as the Berkshire Hathaway-owned company recently reported that its revenues in the first half of 2009 were $1 billion (or 42 percent) lower than in the first half of 2008, reflecting declines of 81 percent in aircraft sales and 22 percent in flight operations revenues. In the wake of the August resignation of founder Richard Santulli, the company announced a new leadership team; moved its headquarters to Columbus, Ohio; and said it intends to make a variety of cost-cutting moves.