Transaction marks first engine leasing deal with long-time strategic customer
STAMFORD, CT, April 15, 2010 --- GE Capital Aviation Services Ltd. (GECAS) announced today that it has executed a deal with Emirates, the Dubai-based airline, for the purchase/leaseback of eight GE90-115B engines to support the carrier's Boeing wide body fleet. This was the first engine leasing deal consummated between the two companies, and was contracted by the Engine Leasing division of GECAS.
"This represents our first engine sale and leaseback transaction and is important for Emirates in that it gives us a great deal of operational flexibility for a significant part of our engine fleet. Emirates and GE have a long-standing relationship through the continued support that GECAS has provided with aircraft, and now further strengthened by engine leases," said Brian Jeffery, Emirates' Senior Vice President, Corporate Treasury.
Norman Liu, president and CEO of GECAS, commented, "Our ability to provide both aircraft and engine financing solutions helps our customers operate more efficiently."
The Emirates/GECAS relationship dates back to 2003 when the two entered into an agreement to lease GE90-115B powered B777-300ERs. Emirates is a major global airline and operates over 2,200 flights per week to over 100 cities in 62 countries across six continents.
About GE Capital Aviation Services (GECAS)
GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of 1,530 owned aircraft with more than 245 airlines in some 75 countries, and it manages over 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 28 cities around the world.
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.
Dan Whitney
GE Capital Aviation Services
[email protected]
203-585-2268
203-300-8707