Aviation Capital Group places $450 million LEAP-1A engine order for A320neo
FARNBOROUGH, England -- Aviation Capital Group (ACG) has become the latest leasing company to select CFM International's advanced LEAP-1A engine, announcing an order for engines to power 18 AirbusA320neo aircraft. These aircraft are part of a 30-airplane buy the company announced in November 2011. The firm engine order is valued at $450 million U.S. at list price.
"CFM56 engines have a sterling reputation amongst our customers and we have every confidence that the LEAP product line will be just as good," said R. Stephen Hannahs, Group Managing Director and CEO, Aviation Capital Group. "We have a large CFM-powered fleet today and look forward to introducing the LEAP engine into that portfolio."
"LEAP technology will provide double-digit improvements in fuel burn, noise, and carbon and NOx emissions and we believe these engines will prove to be real assets for ACG and its customers," said Jean-Paul Ebanga, president and CEO of CFM International.
"We are very pleased to continue our long relationship with ACG," said Doug Izarra, senior executive, Sales, for the Americas region for CFM International. "We are looking forward to a great future with this team and to proving that their trust in CFM is well placed."
LEAP engines incorporate revolutionary technologies never before seen in the single-aisle aircraft segment. This engine combines advanced aerodynamic design techniques,lighter, more durable materials, and leading-edge environmental technologies, making it a major breakthrough in engine technology. The 15 percent better engine fuel efficiency, at current fuel prices, translates to as much as $1.6 million in fuel cost savings alone for customers per airplane, per year. LEAP technology will also achieve double-digit improvements in CO2 emissions and noise levels, all while providing CFM56 levels of world-class reliability and low maintenance costs.
ACG is a global jet aircraft leasing and asset management company. Founded in 1989, the company is actively engaged in aircraft acquisition and leasing to the world's airlines. ACG also provides advisory services for aircraft investors and institutional clients worldwide. The company manages a portfolio of more than 250 aircraft that are leased to more than 90 airlines in 38 countries. In addition to leasing the aircraft it owns, ACG also provides aircraft management and remarketing services to third-party investors and financial institutions. ACG is a wholly owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company.
LEAP is a product of CFM International, a 50/50 joint company between Snecma (Safran group) and GE. CFM is the world's leading supplier of commercial aircraft engines, with nearly 24,000 delivered to 500+ operators around the globe.