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On February 5, 2002, the Company acquired 100% of Marconi Data Systems, formerly known as Videojet Technologies (âVideojetâ), from Marconi plc in a stock acquisition, for approximately $400 million in cash including transaction costs.
Lear remained on the company board until April 2, 1969, when the company was merged with Gates Aviation Corporation and was renamed Gates Learjet Corporation. In 1971, the first Model 25 powered by a Garrett TFE731-2 turbofan engine was flown. This aircraft later became the successful Learjet 35.