Paris, June 15, 2005: ALAFCO Aviation Lease and Finance Company K.S.C.C. (Kuwait-based shareholding closed company) has signed a Memorandum of Understanding for the purchase of 12 firm, six option Airbus A350 aircraft powered by General Electric Company's Genx engine.
The GEnx engines for the firm 12 A350s are valued at more than $300 million. Under the terms of the agreement, delivery of the aircraft, a combination of A350-800 and A350-900 models, is scheduled to begin in 2012.
Based in Kuwait, ALAFCO is a growing aviation lease and finance company with customers in Asia, the Middle East, and Europe.
"Establishing a growing relationship with the General Electric Company is important to us," said Ahmad Alzabin, Chairman and CEO of ALAFCO Lease and Finance Company. "GE brings to us both technical and global market expertise."
"We are pleased to have ALAFCO as a new engine customer," said David Calhoun, President and CEO of GE Transportation. "We look forward to a long-term working relationship. The GEnx will bring excellent economic performance to the ALAFCO A350 fleet."
The GEnx is part of GE's "ecomagination" product portfolio - GE's commitment to develop new, cost-effective technologies that will enhance customers' environmental and operating performance.
Based on the architecture of the renowned GE90, the GEnx is the next-generation of engine technology to succeed GE's highly successful CF6, the best-selling engine family for wide-body aircraft. Compared to the CF6 family, the GEnx will improve specific fuel consumption by 15 percent.
The GEnx is the world's only jet engine with a front fan case and fan blades made of composites for greater durability and weight reduction. It will operate with 18 fan blades (50 percent fewer than the CF6) at noise levels lower than any large GE commercial engine. The GEnx features a new combustor for efficient fuel mixing before ignition, resulting in significantly lower NOx levels. The first full GEnx engine will go to test in 2006, with engine certification scheduled for 2007.
GE Transportation - Aircraft Engines, a part of General Electric Company (NYSE: GE), is one of the world's leading manufacturers of jet engines for civil and military aircraft. Visit GEAE online at www.geae.com/. For information on ecomagination products, visit www.ge.com/.
GE has been active in the Gulf since 1933. Its activities in the region are conducted through direct presence, joint ventures, strategic alliances, and a wide network of distributors. GE has completed strategic projects in various hi-tech industrial sectors, defence-related contracts and major infrastructure developments. GE (NYSE: GE) is a diversified technology, media and financial services companydedicated to creating products that make life better. From aircraft engines andpower generation to financial services, medical imaging, television programmingand plastics, GE operates in more than 100 countries and employs more than 320,000people worldwide. For more information, visit the company's Web site at www.ge.com.
GE (NYSE: GE) is a diversified technology, media and financial services companydedicated to creating products that make life better. From aircraft engines andpower generation to financial services, medical imaging, television programmingand plastics, GE operates in more than 100 countries and employs more than 320,000people worldwide. For more information, visit the company's Web site at www.ge.com.
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