Avolon Increases LEAP-1A Engine Portfolio with $2.06 Billion U.S. Order
LE BOURGET, France – Dublin-based international aircraft leasing company Avolon today announced it has selected CFM International's LEAP-1A engine to power an additional 70 Airbus A320neo aircraft. The order is valued at $2.06 billion U.S. at list price.
Avolon has been a CFM customer since the company was launched in 2010 and already has a committed fleet of more than 400 CFM-powered aircraft in its portfolio. Of that total, Avolon currently has LEAP-1A engines on order to power 40 A320neo family aircraft.
“We are delighted to continue our long-term standing relationship with CFM. Our commitment to the LEAP engine reflects our confidence in CFM’s track-record of designing and building world-class engines. Our partnership supports Avolon’s strategy to provide our airline customers with the most modern, fuel-efficient aircraft available,” said Dómhnal Slattery, Avolon CEO.
We are happy to be part of the Avolon team and certainly appreciate their continued confidence in our people and our products,” said Gaël Méheust, “The LEAP-1A has proven to be an invaluable part of the Avolon portfolio and we look forward to working with them well into the future.”
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange (SLE: 000415) and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation, which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the world’s third largest aircraft leasing business with an owned, managed and committed fleet, as of 31 March 2019 of 951 aircraft.