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GECAS Announces Purchase of Five ARJ21-700ER Regional Jets and options for 20

4th November 2008 - 08:35 GMT | by The Shephard News Team

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GE Commercial Aviation Services Limited (GECAS) and Shanghai-based Commercial Aircraft Corporation of China, LTD (COMAC) today announced a signed contract for five ARJ21 regional jets, with options for 20 additional aircraft. Deliveries of the aircraft to GECAS will begin in 2013.

President of COMAC, Mr. Jin Zhuanglong said, We are very excited to have GECAS, a world-class aircraft lessor, as part of the ARJ21 program. The ARJ is key to providing China with improved point-to-point, intra-China service for both the business and tourist passengers.

The ARJ21 will help fulfill the growing need within China for fast, efficient regional air travel, said Norman C.T. Liu, executive vice president, Commercial Operations, GECAS Limited. We have firm orders for five ARJs, with options to add more to our fleet in the future. The emerging markets present solid growth potential for GE Capital, and we remain committed to investments there for the long run.

The ARJ21 is a 70-90 seat regional jet that combines Chinese intellectual property with advanced engines, produced by GE Aviation, and airborne systems supplied by leading European and North American companies.

Todays announcement between COMAC and GECAS was made at the China International Aviation & Aerospace Exhibition at Zhuhai Airport in Guandong Province, P.R.C. This is the first transaction between the two firms.

About Commercial Aircraft Corporation of China, Ltd. (COMAC)

Commercial Aircraft Corporation of China, Ltd. (COMAC) is a state-owned limited liability company founded by the approval of the State Council of the Peoples Republic of China, and is jointly invested by State-owned Assets Supervision and Administration Commission of the State Council, Shanghai Guo Sheng (Group) Co., Ltd., China Aviation Industry Corporation, Aluminum Corporation of China (CHINALCO), Baosteel Group Corporation and Sinochem Corporation, with 19 billion yuan registered capital. Headquartered in Shanghai, COMAC designs, develops, and services commercial aircraft and relative products

The ARJ21 is the companys first commercial jet project and the first commercial jet aircraft indigenous to China.

About GE Commercial Aviation Services (GECAS)

GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,500 owned aircraft with more than 250 airlines in some 78 countries, and it manages over 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 28 cities around the world.

GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work

The Shephard News Team

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