China's Spring Airlines has signed a Memorandum of Understanding (MOU) to purchase CFM56-5B engines to power its new fleet of 10 Airbus A320 aircraft in an engine order valued at approximately $170 million at list price, including spare engines. The airline is scheduled to begin taking delivery in March 2009.
CFM56-5B engines are a product of CFM International (CFM), a 50/50 joint venture between Snecma (Safran Group) and General Electric Company and the world's leading supplier of commercial aircraft engines.
Spring Airlines, the first low cost carrier in China, is headquartered in Shanghai. As a subsidiary of the Spring International Travel Service Ltd., one of the leading travel service providers in China, the airline began operation in 2005 and has been profitable since then with passenger load factor as high as 95% and its CFM56 fleet has kept a very high safety standard. In addition to the purchased A320s, the airline has also signed an agreement to lease 12 additional CFM56-5B-powered Airbus A320 aircraft, which are scheduled for delivery between 2009 and 2012..
"We're pleased to continue our relationship with CFM International and are very satisfied with the excellent performance of CFM56 engines," said Wang Zhenghua, Chairman of Spring Airlines. "The engine's low cost of ownership has been a strong contributor to our ability to implement a long-term growth strategy."
"We are obviously honored by Spring Airlines' continued confidence in the CFM56 product line," said Eric Bachelet, President and CEO of CFM International, "We look forward to growing and improving this relationship for many more years to come."
The CFM56-5B is the engine of choice for the Airbus A320 family and is popular with major airlines, low-cost carriers, and leasing companies alike. Nearly 3,000 CFM56-5B engines have been delivered to date, and the fleet is growing at a rate of about 40 engines per month. Primary factors behind the engine's broad-based customer acceptance include this industry's best reliability, durability, low cost of ownership, and world-class customer and product support. The CFM56-5B is the only engine that can power every model of the A320 family, from the small A318 up to the A321, with the same bill of materials. For more information on CFM International, visit us at www.cfmaeroengines.com.
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