FARNBOROUGH, England — GE Capital Aviation Service, the commercial aircraft leasing and financing arm of General Electric Company (NYSE: GE)today signed a Memorable of Understanding with CFM International to participate in the company’s unique new product offering for leasing companies called Portable Maintenance for Lessors (PML). The final agreement should be complete 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 are very pleased that GECAS — one of our largest leasing customers — has elected to participate in this exciting new program,” said Jean-Paul Ebanga, president and CEO of CFM International at today’s signing ceremony.
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 GE Capital Aviation Services (GECAS)
GECAS, the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,710 owned and serviced aircraft with approximately 235 airlines in over 75 countries. 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 24 cities around the world.
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