The shareholders of Hirschmann Industrial Holding have decided, after months of intense negotiations, to retain full ownership of Jet Aviation. British investment group 3i were reported to be buying the company for over $500 million, after previous offers from Berkshire Hathaway and Bahrain’s InvestCorp.

Reports suggested that a combination of failing private equity markets and the poor state of the aviation industry were responsible for the decision. Nevertheless, ceo Thomas Hirschmann insisted: “Jet Aviation reported its best-ever financial results for 2002.”

He added: “I would like to inform you that this evaluation process has ended and our shareholders have decided not to accept any of the proposals set forth by potential buyers.

“We believe this move is in the best interests of Jet Aviation, its management, employees and customers worldwide.”

The company believes that this course of action will lay the foundations for growth over the coming decades.

“Our financial results were outstanding and these together with an exceptional future outlook convinced shareholders to cease further negotiations. Our 2002 financial performance has created a solid foundation for future expansion,” said Hirschmann.

Meanwhile, Jet Aviation Geneva has reported that during its first two years as a BBJ factory authorised service centre, the facility has maintained 13 BBJs and one BBJ2.

“We have performed a wide range of maintenance and warranty work, A and C checks and service bulletins on BBJ aircraft since receiving the service centre approvals,” said Günter Huf, vice president and general manager of Jet Aviation.

“In addition, we can provide BBJ owners with FAA required modifications,” he said.

According to Huf, Jet Aviation Geneva currently provides a full range of BBJ maintenance and warranty services, including scheduled and unscheduled inspec-tions, service bulletins, avionics upgrades and modifications, structural work, on-wing engine work and AOG support at outstations.