The incentive is for a facility at the Ogden-Hinckley Airport that would maintain, repair and overhaul business aircraft. The incentive is in the form of an $8 million tax credit and a $294,000 Industrial Assistance Fund grant. Board documents indicate the project would be a $6.9 million capital investment at leased space formerly occupied by now-bankrupt Adam Aircraft.

The acquisition announced Tuesday allows General Dynamics to take advantage of Jet Aviation's strong presence in the rapidly growing Persian Gulf region, which is in the midst of an aviation and infrastructure boom fueled by soaring oil prices.

Three years ago, Jet Aviation opened a 24-hour executive-jet service center at Dubai International Airport. The airport has grown into a key transit hub in recent years, thanks to the Gulf city's growing prominence as a business center and strategic location for flights traveling between Europe, Australia and the Far East. In April, Jet Aviation announced an aircraft management and charter partnership deal with Dubai-based private jet operator Elite Jets.

Nicholas Chabraja, General Dynamics' chief executive, said Jet Aviation's network is what drove the company's interest in the sale. "This is a business for us that is blessed with opportunity," he said.

General Dynamics expects Jet Aviation to contribute sales of $1.5 billion in 2009 and post revenue growth of between 10 percent to 12 percent, Chabraja said. The company employs 5,600 employees worldwide and has its U.S. headquarters are in Teterboro, N.J.

General Dynamics will acquire all of Zurich-based Jet Aviation's shares from current owner Dreamliner Lux S.a.r.l., which is controlled by the British investment fund Permira Funds. The deal is expected to close by the end of the year if it clears regulatory scrutiny.

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Contributing: Brice Wallace, Deseret News.