Q1 2009 placement activity outpaces Q1 2008 by 15 percent; only one AOG
STAMFORD, Conn.--(BUSINESS WIRE)--GE Commercial Aviation Services (GECAS) announced today that during the first quarter of 2009 ending March 29 it placed 45 aircraft, including 33 aircraft from its existing fleet leased, 9 lease extensions, and 3 sales, representing a strong 15 percent increase over 2008 first quarter placements.
Of the 33 new leases, 12 were placed with carriers in the Middle East, Africa , Russia and Asia, building on GECAS' already significant business in these growth areas. The unit also reported it ended the quarter with only one aircraft on ground (AOG) on its books. On March 31, GECAS signed a letter of intent (LOI) with a flag carrier to lease the one AOG.
Separately, GECAS took delivery of 20 new aircraft from its order books with Boeing and Airbus in the first quarter, versus 9 in the first quarter of 2008, with the majority going to carriers in the Middle East and Asia.
Commenting on 2008 activity, Henry Hubschman, GECAS President and CEO, said: "The first quarter of the year proved to be as challenging as any we've faced. Still, our global reach and local presence, combined with the team's outstanding efforts, once again proved to be the differentiators. Our marketing/sales, risk, legal, and technical teams all excelled and successfully placed 99 percent of our planned and unplanned roll off in the midst of an extremely turbulent global economy."
GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of approximately 1,500 owned aircraft with more than 250 airlines in some 80 countries, and it manages over 325 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 24 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
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