June 19, 2013
LE BOURGET, France -- GE Capital Aviation Services, the commercial aircraft leasing and financing arm of General Electric Company (NYSE: GE) has reached agreement to participate in CFM International's unique Portable Maintenance for Lessors (PML) program.
The product is the first of its kind in the industry and enables lessors and operators to optimize engine maintenance costs throughout the life of an aircraft. Under the terms of the agreement, CFM will provide engine maintenance, repair and overhaul services for leased aircraft at a fixed rate per flight hour with features to accommodate a change in either operator or owner. The PML product includes performance and non-performance restoration shop visits, and provides additional support elements including comprehensive remote diagnostics and the TRUEngineTM program benefits.
"We are really pleased to participate in the PML program with CFM," said Sean Flannery, EVP Technical & General Manager GECAS Limited. "It brings value to us and our customers in the form of assured maintenance costs and reduces the need for inefficient return condition shop visits. The program also helps to protect the long-term value of our assets by ensuring that the engines are maintained according to the original manufacturer's standards."
CFM International is a 50/50 joint company between Snecma (Safran) and GE and the world's largest supplier of commercial aircraft engines. To date, more than 25,000 CFM56 engines have been delivered to more than 500 operators around the globe. This fleet has achieved more than 635 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 1,660 owned and serviced aircraft with over 230 airlines. 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, airport and airline consulting services, and spare parts financing and management. GECAS, a unit of GE Capital, has offices in 24 cities around the world, and services customers in over 75 countries. (www.GECAS.com)