GE Capital Aviation Services

GECAS (GE Capital Aviation Services, though the acronym is the more common usage) is a unit of GE Capital, itself part of the large conglomerate General Electric. The president of GECAS is Norman Liu. GECAS is responsible for the leasing of aircraft and associated equipment to airlines. GECAS buys aircraft from manufacturers like Airbus and Boeing and then leases them to airlines, typically on three to five year leases, usually on dry lease contracts. It also buys aircraft from airlines and leases them back.

The primary competition for GECAS is ILFC, although other companies such as Aviation Capital Group, AerCap, Babcock & Brown Aircraft Management and RBS Aviation Capital also compete with it. GECAS is the largest aircraft lessor in the world by fleet size according to the 2005 Airfinance Journal Operating Lessor Survey.

GECAS has a fleet of over 1800 aircraft, used by 245 airlines.[1] Nearly all aircraft owned by GECAS are powered by engines from GE-Aviation, another subsidiary of General Electric.

History

In early 2007, GECAS placed an order with Boeing for fifteen 777 aircraft and twenty four 737-800 aircraft in a $5.34 billion deal. The aircraft are scheduled to be delivered between 2008 and 2010.[2]

In November 2008, GECAS announced a signed contract for five COMAC ARJ21-700 regional jets. COMAC ARJ21-700 jets are produced by Shanghai-based Commercial Aircraft Corporation of China. The contract includes options for 20 additional aircraft. Deliveries of the aircraft to GECAS will begin in 2013.[3]

GECAS also owns a minority stake in Oxford Aviation Academy retained when they sold 80% (before dilution) of GECAT to STAR Capital Partners in 2007

At the 2010 Farnborough airshow, Airbus and Boeing announced that GECAS had placed orders for a further 20 A320s and 40 737s.[1]

At 2010 Zhuhai airshow, GECAS announced that it has placed orders for 10 COMAC C919 aircraft from Shanghai-based Commercial Aircraft Corporation of China (COMAC).[4]

At the 2011 Paris Air Show two Boeing 747-8 Freighters were ordered as well as eight additional Boeing 777-300ERs.[5]

References

  1. ^ a b "FARNBOROUGH: Germania firms A319 order". http://www.flightglobal.com/articles/2010/07/21/344995/farnborough-germania-firms-a319-order.html. Retrieved 2010-07-21. 
  2. ^ "GE places $5bn Boeing plane order". BBC News. 2007-01-22. http://news.bbc.co.uk/2/hi/business/6288005.stm. Retrieved 2007-01-22. 
  3. ^ [1]
  4. ^ GE CAPITAL AVIATION SERVICES ANNOUNCES LETTER OF INTENT TO PURCHASE UP TO TEN C919 AIRCRAFT FROM COMAC
  5. ^ http://www.flightglobal.com/articles/2011/06/21/358517/paris-gecas-orders-two-747-8fs-and-eight-777-300ers.html

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