Engine Lease Finance Corporation signs MOU for new CFM Portable Maintenance program
- First spare engine lessor for new product offering
FARNBOROUGH, England – Engine Lease Finance Corporation has become the first spare engine lessor customer for CFM International's (CFM) new product offering for leasing companies called Portable Maintenance for Lessors (PML). The two companies signed a Memorandum of Understanding (MOU) with plans to sign a definitive agreement by year-end.
The product will be the first of its kind in the industry and will enable leasing companies to control maintenance costs throughout the life of an aircraft, regardless of the operator to which it is leased. Under the terms of the agreement, CFM would provide engine maintenance, repair and overhaul services for leased fleets. The PML is designed to be transferrable between lessees, which will enable them to more accurately predict maintenance costs.
“Our leasing company customers have been asking us for a product like this for along time,” said Jean-Paul Ebanga, president and CEO of CFM International at today’s signing ceremony. “There were a lot of challenges to developing this kind of program offering, but we are very pleased with where we have ended up and we anticipate more and more lessors to take advantage of the flexibility the PML provides.”
CFM International is a 50/50 joint company between Snecma (Safran group) and GE and the world’s largest supplier of commercial aircraft engines. To date, more than 23,600 CFM56 engines have been delivered to more than 500 operators around the globe. This fleet has achieved more than 585 million flight hours as the most reliable engines in the air.
About Engine Lease Finance
Engine Lease Finance Corporation (ELFC) is the world’s leading independent spare engine financing and leasing company, specializing in the provision of flexible, medium- to long-term spare engine support packages for the airline industry. Headquartered in Shannon, Ireland, ELFC is owned by BTMU Capital Corporation of Boston, USA, which is a wholly owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd. one of the world’s largest financial institutions.