performance
GECAS-AerCap Deal Is A “Milestone” In GE’s Transformation To A “More Focused, Simpler, And Stronger Company”
Speaking to investors and analysts during the third-quarter earnings call last week, Larry Culp, GE’s chairman and CEO, said that the combination of GE’s aircraft-leasing business, GE Aviation Capital Services, with Ireland’s AerCap was a “tremendous catalyst, enabling us to focus on our industrial core and accelerate our deleveraging plan.”
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outlook
Transformative Moment: GECAS Deal Will Help GE Become 'More Focused, Simpler, Stronger,' Culp Tells Investors
Larry Culp has been on a mission to transform GE ever since he joined the company as chairman and CEO in late 2018. GE took another big step down the transformation path Wednesday by agreeing to combine its aircraft leasing business, GE Aviation Capital Services (GECAS), with Ireland’s AerCap. Valued at more than $30 billion, which includes $24 billion in cash and some $6 billion in a 46% stake in the combined business, the transaction will create one of the industry’s largest franchises leasing planes, engines and helicopters.
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Aerospace
Heavy Duty: Kalitta Air Adds Huge Converted Freighters To Its Fleet
Kalitta Air is on track to be first in the air with the biggest passenger jets ever to be converted to carry cargo.
The Ypsilanti, Michigan-based freighter company agreed last month to lease three converted Boeing 777-300ERSF widebody jets from GECAS, making it the GE unit’s first customer for the jets. Kalitta is scheduled to take delivery in 2023.
Aerospace
Making The Switch: Russia’s S7 Airlines Gets Into The Cargo Game
For decades, airlines have had an additional revenue stream: belly cargo. That open space under passengers’ feet, which can account for 20-25% of a plane’s cubic footage, doesn’t just hold checked bags. It’s also been a way for airlines to make extra money by offering excess space to customers looking to ship everything from electronics to mail.
Aerospace
Game Changer: This Huge Passenger Jet Is Going Cargo
The Boeing 777-300ER widebody passenger jet is the workhorse of long-haul aviation. Powered by a pair of giant GE90 engines — for a long time the world’s most powerful jet engine — the planes have allowed airlines to link continents and cities as distant as Los Angeles and Dubai with frequent nonstop flights.
Aerospace
Heavy Duty: Leased Cargo Jets Give Amazon Prime New Wings
It’s hard to remember what the online shopping experience was like before Amazon started its Prime shipping service in 2005. The immensely popular service, which gives customers two-day shipping for a flat yearly fee, is a big reason why Amazon has come to dominate online sales.
Aircraft Leasing
GE’s Aircraft Leasing Unit On Track To Earn $1.2 Billion In 2018
Aerospace
Flying High: How Leasing Fueled The Takeoff Of The Airline Industry
But to do that, Allegheny needed wings. It bought regional carriers like Indiana’s Lake Central airlines and New York’s Mohawk Airlines to provide coverage east of the Mississippi River and in parts of Canada. But it still wasn’t enough. The problem: Planes are expensive and Allegheny couldn’t afford to buy the new aircraft it needed.
