International Aero Engines (IAE), a multinational aero engine consortium, will supply V2500 engines in order to power its 15 new A320 series aircraft, under the contract signed by ICBC Financial Leasing.
The value of the deal is $300 million. The company will start supplying the engines by January 2013 and will continue through 2015.
In June 2011, ICBC and Airbus inked an acquisition contract for 42 A320 family aircraft, which is the first direct aircraft order from a local Chinese lessor along with an aircraft maker.
ICBC Leasing’s President, Cong Lin, stated that ICBC is supported by the largest bank, as it is the market leader in the financial leasing industry of China, and has planned to become one of the top lessors in the globe in a few years. He added that ICBC is delighted to partner with IAE in order to create innovation in the aviation market. The great success in the market and the excellent performance of the V2500 engines will support the plan.
Jim Guiliano, Executive Vice President of Customer Business of IAE stated that aircraft lessors like ICBC Leasing are developing rapidly in China, which will enable the next significant growth in the market. He added that the order of ICBC will be the first order for V2500 engines by a regional lessor in China.
Guiliano continued that the overall presence of IAE in China includes a network of infrastructure and support systems. IAE has 11 field offices, 17 operators, overhaul and training facilities and offers final assembly line support at Tianjin’s Airbus final assembly line unit.
Aircrafts that are powered by the V2500 engines will be located in other regions of the world and will be flown domestically.
Source: http://www.i-a-e.com/