AeroTurbine Signs Five Year Lease Agreement with Aveos for Aviation Components
February 05 2009 - 9:07AM
PR Newswire (US)
AMSTERDAM, Netherlands and MIAMI, Feb. 5 /PRNewswire-FirstCall/ --
AerCap Holdings N.V. ("AerCap," NYSE: AER) announced today that its
subsidiary AeroTurbine Inc., Miami, has signed an agreement with
aviation maintenance company Aveos, formerly "ACTS" and "Air Canada
Technical Services", for an initial period of five years. Under
this non-exclusive agreement, AeroTurbine will supply Aveos with
certain engine and airframe components. Initially, AeroTurbine will
acquire and lease certain Airbus A320 and Boeing 737 rotables to
Aveos. AeroTurbine will also lease additional inventory to Aveos to
augment their current inventory. Aveos is authorized to position
the material at various locations around the world to meet its
customer needs. "Following our agreement with British Airways last
year, this transaction again demonstrates AeroTurbine's ability to
contract long-term business in the inventory logistics arena with
equally long-term revenue streams," said Michael King, AeroTurbine
President and Chief Executive Officer. "We look forward to building
upon an already strong business relationship with Aveos and
together further increasing the market impact of our combined
supply chain management capabilities." "The agreements will further
strengthen Aveos' rotables inventory to continue providing
customers with efficient, integrated solutions for today's
competitive marketplace, as well as providing support to the Engine
Solutions unit," said Tom Wilson, Vice President, Component
Maintenance and Business Development, Aveos. "We look forward to a
continued relationship with AeroTurbine that has demonstrated
flexibility in their ideas and solutions." AeroTurbine and Aveos
have also signed a five-year agreement under which Aveos will
support AeroTurbine with engine repairs and overhaul for the
CFM56-2/3 & -5 engine types. About AerCap and AeroTurbine
AerCap is an integrated global aviation company with a leading
market position in aircraft and engine leasing, trading and parts
sales. AeroTurbine is a subsidiary of AerCap focusing on engine
leasing and trading, airframe and engine disassembly, aviation
supply chain solutions, part sales and MRO services. About Aveos
Aveos is a full-service maintenance, repair and overhaul (MRO)
provider of airframe, engine, component and maintenance solutions.
From maintenance facilities across Canada and in El Salvador, Aveos
provides integrated service solutions to over 100 customers, while
focusing on building a robust network of strategic alliances
(http://www.aveos.com/). This press release may contain
forward-looking statements that involve risks and uncertainties. In
most cases, you can identify forward-looking statements by
terminology such as "may", "should", "expects", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or
"continue" or the negative of such terms or similar terminology.
Such forward-looking statements are not guarantees of future
performance and involve significant assumptions, risks and
uncertainties, and actual results may differ materially from those
in the forward-looking statements. AerCap contact For Media: For
Investors: Frauke Oberdieck, AerCap Peter Wortel, AerCap Tel. +31
20 655 9616 Tel. +31 20 655 9658 DATASOURCE: AerCap Holdings N.V.
CONTACT: Media, Frauke Oberdieck, +31-20-655-9616, , or Investors,
Peter Wortel, +31-20-655-9658, , both of AerCap Web Site:
http://www.aercap.com/ http://www.aveos.com/
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