GECAS places $2.9 billion order for CFM LEAP-1A engines
LE BOURGET, France — 19 June 2017 —
GE Capital Aviation Services (GECAS), the aviation leasing and financing arm of GE (NYSE: GE), today announced a firm order for 200 CFM International LEAP-1A engines to power new Airbus A320neo family aircraft.
CFM values the agreement at more than $2.9 billion U.S. at list price. The airplane order was announced earlier today.
"The LEAP-1A has done extremely well in commercial service and our customers are very pleased with the engine," said Alec Burger, President and CEO of GECAS, "The LEAP-1A-powered A320neo family with proven increased fuel efficiencies, high utilization rates, and longer range will continue to be one of our core assets in our lease portfolio."
"We are very pleased to further strengthen our relationship with GECAS," said Gaël Méheust president and CEO of CFM International. "We appreciate their confidence in the LEAP product line and look forwarding to delivering an exemplary product to them."
The LEAP-1A engine entered commercial service in August 2016 and is providing its 14 operators with 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 GE Capital Aviation Services (GECAS)
GE Capital Aviation Services (GECAS) is a world leader in aviation leasing and financing. With 50 years of aviation finance experience, GECAS offers a wide range of aircraft types including narrow-bodies, wide-bodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, airframe parts management and airport/airline consulting. GECAS owns or services a fleet of over 1,950 aircraft (1,660 fixed wing/ 306 rotary wing) in operation or on order, plus provides loans collateralized on an additional ~400 aircraft. GECAS serves ~264 customers in over 75 countries from a network of 26 offices. gecas.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.