SOURCE: IAE International Aero Engines AG

IAE International Aero Engines AG

July 09, 2012 08:15 ET

ICBC Leasing Selects V2500s for Additional Five Aircraft

V2500 Has More Than 50% of A320 Market in China

GLASTONBURY, CT--(Marketwire - Jul 9, 2012) - FARNBOROUGH AIR SHOW -- Following its initial selection of the V2500 for 15 A320 family aircraft and its outstanding success with V2500-powered A320 aircraft leasing placements, ICBC Financial Leasing Co. Ltd, a subsidiary of the Industrial and Commercial Bank of China Ltd. (ICBC), announced it has firmed up an additional five V2500-powered A320 aircraft.

The transaction is valued at $90 million. Deliveries will take place from 2013 to 2015.

"Our initial selection of the V2500 moved us a step closer toward ICBC Leasing's plans to be among the top lessors in the world," said Cong Lin, President of ICBC Leasing. "Our continued relationship with IAE provides us a more powerful engine for further development."

"We are very appreciative of ICBC Leasing's selection of the V2500," said IAE President Jon Beatty. "They are an important part of IAE's future in China and one of the largest businesses in the world. We see their continued selection and confidence in the V2500 as a testimony to the engine's proven reliability."

Aircraft powered by the V2500s will be flown both domestically, as well as be placed in other parts of the world.

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 November 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 75 modern aircraft and has 42 Airbus A320 family, 10 Legacy 650 business jets and 45 COMAC C919 on order as of June 2012.

IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Japanese Aero Engines and MTU Aero Engines. To date, more than 5,000 engines have been delivered and nearly 2,000 more engines are on order with close to 200 customers around the world. 

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