ILFC expands Leap engine order for total of 60 Airbus A320neo family aircraft
PARIS - International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group, Inc. (NYSE: AIG), announced today that it has expanded its order for CFM International's LEAP-1A engines to power an additional 20 Airbus A320neo Family aircraft, bringing the total of its LEAP-powered A320neo Family aircraft to 60. The aircraft are scheduled for delivery beginning in 2016. This newest engine order is valued at $510 million U.S. at list price.
"Expanding our order for the LEAP engines to power more of ILFC's Airbus A320neo Family aircraft is a reflection of our company's long-standing commitment to providing our global customers with a choice of the industry's most technologically advanced products," said ILFC Chief Executive Officer Henri Courpron. "CFM is our largest aircraft engine supplier, and we continue to look to the manufacturer's future engine generation for advancements in new technologies that offer operational and economic efficiencies for our customers' fleets."
"This order is a continuation of what has already been a phenomenally good relationship," said Kevin McAllister, vice president of sales for CFM parent company GE Aviation. "We are excited to bring all of the benefits of LEAP technology ─ double-digit improvements in fuel burn, noise, and carbon and NOx emissions with CFM reliability ─ to ILFC and its customers."
"We believe these engines will prove to be real assets for ILFC and its lessees." said President and Chief Executive Officer of CFM International Jean-Paul Ebanga. "The more testing we do, the more confident we become that the LEAP family is a more than worthy successor to the CFM56 engines and will become a critical part of airline fleets around the globe."
CFM International (CFM) has set aggressive technical targets for the LEAP program and testing to date confirms that the engine is meeting those goals. Compared to today’s best engines, LEAP engines are expected to provide ILFC customers with 15 percent better fuel efficiency, which equates to an equal reduction in CO2 emissions; a 50 percent margin compared to today's oxides of nitrogen (NOx) requirements; and meet the newly announced 2018 ICAO noise requirements with significant margin, all with CFM's legendary reliability and comparable maintenance costs.
The LEAP engine family is a product of CFM International, a 50/50 joint company between Snecma (Safran) and GE. CFM is the world's largest commercial aircraft engine supplier, and the company has delivered 25,000 engines to more than 530 operators around the globe. The CFM56 fleet has logged more than 635 million flight hours in the past 30 years as the most reliable engines in the air. www.cfmaeroengines.com.
International Lease Finance Corporation (ILFC) is a global market leader in the leasing and remarketing of commercial aircraft. With approximately 1,000 owned and managed aircraft and commitments to purchase 293 new high-demand, fuel-efficient aircraft, ILFC is the world's largest independent aircraft lessor. ILFC has approximately 200 customers in more than 80 countries and provides part-out and engine leasing services through its subsidiary, AeroTurbine. ILFC operates from offices in Los Angeles, Amsterdam, Beijing, Dublin, Miami, Seattle, and Singapore. ILFC is a wholly owned subsidiary of American International Group, Inc. (AIG).
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. Additional information about AIG can be found at www.aig.com.