Vol 3, Aviation Financial
GE Aviation racks up Paris Air Show deals
GE Aviation, its subsidiaries and joint ventures, have announced more than $4.2 billion in orders so far during the International Paris Air Show in France, including agreements for its maintenance, repair and overhaul services.
The air show, held from June 15-21 at the Paris-Le Bourget Airport, is an opportunity for aerospace firms to show off their products and make deals.
GE Aviation’s announced orders include:
• A firm commitment by Brit Air, a subsidiary of Air France, for six Bombardier CRJ1000 aircraft, powered by GE’s CF34-8 engines, worth about $300 million at list price.
• An order from Cebu Pacific, a discount Philippines airline, for CFM International’s CFM-56-5B engines to power 10 new Airbus A320 aircraft worth about $155 million, plus a 12-year OnPointSM agreement for maintenance and overhaul of the engines, valued at more than $100 million.
• A $240 million order from Air Austral, based on the Indian Ocean island of La Reunion, for Engine Alliance GP7200 engines to power two Airbus A380 aircraft, worth about $240 million. The Engine Alliance is a joint venture between General Electric and Pratt & Whitney.
• An order from Etihad Airways, of the United Arab Emirates, for Engine Alliance GP7200 engines to power 10 Airbus A 380 aircraft, plus a long-term fleet management agreement. The total value of the deal is more than $1.3 billion. Etihad also placed a $3.9 billion order with GE Aviation for GEnx engines and services.
• A 12-year OnPointSM agreement from LAN Cargo, a unit of Chile-based LAN Airlines, for maintenance and overhaul of its GE90-110B engines, worth about $135 million.
• A five-year OnPointSM deal with Air Italy to maintain 10 CFM56-5B and CF6-80C2 engines, no value given.
• A 12-year OnPointSM agreement with Brazilian airline Tam S.A., for its GE90-115B engines, worth about $346 million.
• A 12-year OnPointSM deal with WestJet, a Canadian discount airline, for maintenance of its CFM56-7+ engines, worth about $850 million.
Evendale-based GE Aviation is a unit of General Electric Co. (NYSE: GE), headquartered in Fairfield, Conn.
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