FARNBOROUGH, England – CFM International (CFM) has launched a unique new product offering for leasing companies called Portable Maintenance for Lessors (PML), signing a Memorandum of Understanding (MOU) with SMBC Aviation Capital to launch. The two companies plan to finalize the terms of the contract 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.
“We have always prided ourselves on continually investing in our engines to bring greater customer value,” said Jean-Paul Ebanga, president and CEO of CFM International at today’s signing ceremony. “The PML is a great example of CFM inventing new ways to provide that value and give our leasing company customers more flexibility in how they support their airline customers.”
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 SMBC Aviation Capital
SMBC Aviation Capital is a global business that ranks among the top four operating lessors by fleet value. The company’s strategy is to own and lease liquid, investor-friendly aircraft assets with continuous trading through the industry cycle to maximize profitability and manage risk, and there is a distinct focus on narrow-body, commodity aircraft types that cater to the robust LCC (Low Cost Carrier) market and are easily tradeable. Over the past seven years the platform has profitably sold 170 commercial aircraft valued at over US$6bn.
The company has over 100 airlines and 40 investors in over 40 countries around the world. It is headquartered in Dublin and has offices in London, Shanghai, Beijing, Hong Kong, Singapore, Tokyo, New York, Toulouse and Seattle.