SOURCE: IAE International Aero Engines AG

IAE International Aero Engines AG

September 25, 2013 09:09 ET

ICBC Leasing Orders V2500® Engines for New Aircraft

BEIJING, CHINA--(Marketwired - Sep 25, 2013) -  ICBC Financial Leasing Co. Ltd, a subsidiary of the Industrial and Commercial Bank of China (ICBC), has entered into an agreement under which IAE International Aero Engines AG's V2500 engines will power 17 firm and three option A320 series aircraft. This brings the total number of V2500 engines ordered by ICBC Leasing to 37.

The new deal is valued at $430 million. Deliveries will commence in 2015 and continue through 2017. Aircraft powered by the V2500 engines will be leased to operators worldwide.

"We are very pleased with the success of lease placements for our previous V2500 order. This engine fits in well with our goal of being one of the top lessors in the world," said Cong Lin, president of ICBC Leasing.

"IAE is very appreciative of ICBC Leasing's selection of the V2500 engine once again," said IAE President and CEO Jon Beatty. "Their impressive growth in China and internationally have positioned them as one of the largest businesses in the world. We look forward to continuing our relationship with them and providing them with powerplants that will continue to fuel their growth."

About ICBC Leasing: ICBC Leasing is a wholly owned subsidiary of the Industrial and Commercial Bank of China. ICBC Leasing focuses on three business lines -- aviation, shipping and large-ticket equipment. ICBC Leasing has become a pioneer and market leader in the financial leasing industry since its inception in 2007. With the strong cooperation of its business partners, ICBC Leasing forges ahead with a global vision to build on a market-oriented culture and to offer innovative, tailor-made solutions and professional services. ICBC Leasing owns and manages over 350 modern aircraft, among them 129 delivered as of September 2013.

About IAE: IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. To date, more than 5,700 V2500® engines have been delivered and more than 1,600 more engines are on order with close to 200 customers around the world.

This release includes "forward looking statements" concerning anticipated business opportunities that are subject to risks and uncertainties, including with regard to the programs described in this release. Risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in forward looking statements include the effect of economic conditions in the markets in which we operate, including financial market conditions, and fluctuation in interest rates, commodity prices and foreign currency exchange rates; levels of end market demand in the aerospace industry, including levels of demand for the new aircraft described in this release; levels of air travel; financial difficulties of commercial airlines; the financial condition of suppliers; and challenges in the design, development, production and support of advanced technologies and new products and services. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's 10-K, 10-Q and other reports filed with the SEC.

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