- Sanad's sale of two CFM56-7B
engines to CFM Materials highlights its ongoing commitment to
strengthening industry partnerships
- By partnering with leading aftermarket
specialists, Sanad reaffirms its commitment to proactive
portfolio management and strategic capital allocation
HONG
KONG, May 10, 2024 /PRNewswire/ -- Sanad, the
global aerospace engineering and leasing solutions leader, wholly
owned by Abu Dhabi's sovereign
investor Mubadala Investment Company PJSC (Mubadala), unveiled a
strategic transaction between Sanad and CFM Materials, the world's
largest provider of used serviceable components for CFM
International engines, during the International Society of
Transport Aircraft Trading (ISTAT) Asia in Hong
Kong.
The sale of two CFM56-7B* engines
to CFM Materials underscores Sanad's strategic shift and proactive
approach to strengthening its market position in the aviation
industry. Through strategic partnerships with leading aftermarket
specialists, Sanad not only reaffirms its commitment but also
solidifies its vital role as a key player in shaping the aviation
landscape.
This strategic agreement marks a pivotal milestone for the Sanad
Leasing division's ongoing strategy, which was initiated last year
with a renewed focus on monetizing existing assets and leveraging
the Sanad Leasing division to empower the Sanad MRO division. The
primary goal of this strategy is to drive and bolster the growth of
the MRO division of Sanad.
Kashish Kohli, Group Chief Financial Officer and SVP Leasing
Division at Sanad, said: "We are pleased to announce the
successful sale of two CFM56 engines to CFM Materials. This
transaction reaffirms our commitment to optimizing our portfolio
collaborating with industry leaders like CFM Materials. We are
eager to explore further synergies between our respective
organizations to explore further avenues of cooperation in the
future."
This collaboration presents new opportunities for CFM Materials
to support MRO networks, airlines, lessors, manufacturers, and
other service providers worldwide. Adding two CFM56-7B engines to CFM Materials portfolio enables
them to meet the increasing demand from customers.
Rudy Bryce, President and CEO
of CFM Materials, commented: "This agreement
with Sanad strengthens our commitment to support our customers
by expanding our lease pool and bolstering our position as a
reliable partner to engine owners, operators and CFM56 engine shops
around the world."
With over 35 years of operational excellence and trusted
partnerships with over 30 customers across six continents,
including world-leading international airlines and global OEMs,
Sanad remains at the forefront of aerospace engineering and leasing
solutions. The Sanad Leasing division, a key pillar of Sanad's
comprehensive offerings, is committed to providing integrated
solutions that address the growth requirements of its partners.
Currently, the Sanad Leasing division boasts a substantial
portfolio exceeding USD 700 million
in assets, showcasing its robust capabilities and dedication to
supporting the aviation industry's evolving needs.
About Sanad
Sanad Group (Sanad) is a global aerospace engineering and
leasing solutions leader in Abu
Dhabi wholly owned by Mubadala Investment Company PJSC. With
more than 35 years of operational experience, Sanad supports
leaders in commercial aviation with world-class maintenance,
repair, and overhaul (MRO) services and financing
solutions.
Visit us at www.sanad.ae. Follow us on Instagram,
Facebook and LinkedIn @TheSanadGroup.
About CFM Materials
Based near DFW Airport, Texas,
CFM Materials, a joint venture of GE Aerospace and Safran Aircraft
Engines, is the world's largest provider of used serviceable
components for CFM International engines that power the Airbus A320
and Boeing 737 commercial jetliners, as well as the Boeing KC-135R
aerial tanker operated by the U.S. Air Force.
In addition to its core operation, the company also sells
surplus inventories for CFM International and provides inventory
for its parent companies' MRO (maintenance, repair and overhaul)
network around the world. CFM Materials has a global presence with
warehouse facilities located near DFW
Airport, Texas, Amsterdam,
Hamburg, and Singapore; along with sales offices in
Singapore and Cardiff, Wales. www.cfmmaterials.com
*CFM56 engines are a product of CFM International, a 50/50 joint
company between GE Aerospace and Safran Aircraft Engines.
Photo:
https://mma.prnewswire.com/media/2408079/Sanad_CFM.jpg
For more information, please contact:
Raneem Khatib
Edelman
sanad@edelman.com
+971 50 204 9791
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SOURCE Sanad