EVENDALE, OHIO March 23, 2006 CIT Group, Inc. has placed a $165 million order for CFM56-5B installed and spare engines to power 12 firm Airbus A320 family aircraft scheduled to begin delivery in 2007.
CFM56-5B engines are produced by CFM International (CFM), a 50/50 joint company between Snecma (Safran Group) and General Electric Company. To date, nearly 15,500 CFM56 engines have been produced and more than 6,200 CFM-powered commercial and military aircraft are in service with 452 operators around the globe.
The CIT Group is one of the world's largest publicly held commercial finance organizations with more than $60 billion in managed assets. CIT Aerospace provides financing solutions to a broad spectrum of the global aerospace value chain ranging from operators of commercial and business aircraft to manufacturers and suppliers in the aerospace and defense industries as well as financial institutions. CIT aerospace manages a fleet of over 300 commercial and business aircraft leased and financed to over 100 airlines around the world. To date, CIT has taken delivery of 50 CFM56-powered Airbus A320 and Boeing 737 aircraft.
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. More than 2,100 CFM56-5B engines have been delivered to date to 94 operators, and the fleet is growing at a rate of about 30 engines per month. The engine has gained broad-based industry acceptance through outstanding 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, giving airlines a significant commonality advantage.