Air Lease Corporation expands CFM LEAP-1A fleet with $725 million order
LE BOURGET, France - 20 June 2017 -
Air Lease Corporation (NYSE: AL) today announced that it has selected CFM International's advanced LEAP-1A engine to power 25 additional Airbus A320neo family aircraft CFM values the order at $725 million U.S. at list price. The aircraft were originally announced in 2015 are scheduled for delivery between 2019 and 2022.
Air Lease Corporation (ALC) specializes in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized leasing and financing solutions.
"We have been very impressed by what we have seen the LEAP-1A engine do in airline service," said Steven F. Udvar-Házy, Air Lease Corporation's Chairman and Chief Executive Officer. "The fuel efficiency, asset utilization, and world-class reliability are going to make it a big asset in our portfolio."
"This order represents a big vote of confidence from ALC and we are delighted that they have chosen to further expand their LEAP fleet," said Gaël Méheust, president and CEO of CFM International. "The LEAP-1A has been doing phenomenally well in commercial service and we believe that follow-on order such as this one reflect the level of confidence the industry has in this product."
Since the first LEAP-1A-powered A320neo aircraft entered service in August 2016, the engine has been delivered to 14 operators worldwide. The fleet is delivering a 15 percent improvement in fuel efficiency, with an equivalent reduction in CO2 emissions; and lower noise and NOx emissions. To date, the fleet in service has logged more than 77,000 engine flight cycles and more than 145,000 engine flight hours while maintaining CFM's industry-leading reliability.
About Air Lease Corporation (NYSE: AL)
ALC is a leading aircraft leasing company based in Los Angeles, California, that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.
About CFM International
The LEAP engine is a product of CFM International, a 50/50 joint company between GE and Safran Aircraft Engines. This engine has experienced the fastest order ramp up in commercial aviation history and CFM has received orders and commitments for a total of more than 12,500 LEAP engines across all three models through May 2017. For more information, visit us at www.cfmaeroengines.com or follow us on Twitter @CFM_engines.
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