SHANNON, Ireland--(BUSINESS WIRE)--GE Commercial Aviation Services (GECAS) today announced that its engine leasing unit signed 120 new engine lease agreements in 2008, approximately 10 placements per month.
"At the end of our 10th anniversary year, we have grown to a portfolio of some 350 owned and managed engines," said Julie Dickerson, general manager GECAS Engine Leasing. "But we couldn't have done it without our 140 airline customers around the world and a talented group of employees."
The engine leasing unit started in 1998 as a trial venture within of GE Aviation. A team of four people in the basement of one of the buildings in GE's main plant in Evendale, Ohio, was charged with creating a bigger pool of rental engines that could be offered to customers whose engines were undergoing maintenance overhauls. In only three months, the group purchased $100 million of spare engines and realized that a partnership with GECAS could enable faster growth and customer financing. GE's Engine Leasing unit operated as a joint venture between GECAS and GE Engine Services until 2005 when it fully became a unit of GECAS.
In 2006 and 2008, GECAS Engine Leasing completed two engine securitizations totaling more than 80 spare engines. The 2006 "Blade" securitization was recognized as "Deal of the Year" by AirFinance Journal magazine.
Today, GECAS Engine Leasing offers a full range of operational and financial services, including short-term rentals, guaranteed spare engine availability, engine exchanges, operating leases (including sale/leaseback), and structured, long-term finance options on engines from GE, CFMI, Rolls-Royce, Pratt & Whitney and IAE.
"Despite challenging economic conditions, we expect airlines will lease more of their spare engines in 2009 instead of choosing the more capital-intensive ownership option," Dickerson added.
About GE Commercial Aviation Services (GECAS)
GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,500 owned aircraft with more than 250 airlines in some 78 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]
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