June 19, 2013
LE BOURGET, Paris -- Cathay Pacific Airways has committed to a 15-year OnPointSM solution agreement for the maintenance, repair and overhaul of 12 GEnx-2B engines, which were announced earlier this year. The OnPoint solution agreement is valued at $380 million (USD) at list price over the life of the agreement.
"We are pleased to expand our relationship with Cathay Pacific, and we are committed to providing the highest quality service and support to keep their engines in top operating condition and to lower cost of ownership," said Paul McElhinney, president and chief executive officer of GE Aviation Services."
Cathay Pacific Airways is a pre-eminent international airline. It currently offers scheduled cargo and passenger services with more than 130 aircraft to more than 110 destinations around the world. It is also a founding member of the oneworld global alliance whose combined network serves more than 700 destinations worldwide.
OnPoint solutions are customized service agreements tailored to the operational and financial needs of each customer for any size fleet. These agreements are designed to help lower the customers' cost of ownership and maximize the use of their assets. Backed by GE's global support network, OnPoint services may include overhaul, on wing support, new and used-serviceable parts, component repair, technology upgrades, engine leasing, integrated systems support and diagnostics and integrated systems.
GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings.
SMOnPoint is a service mark of General Electric Company.