Embraer and GE Capital Aviation Services (GECAS), the commercial aircraft leasing and financing arm of General Electric Company, have signed a contract for six firm orders and six options of the EMBRAER 190, with the right to convert to the EMBRAER 195. The total value of the deal, which will be included in Embraer’s fourth quarter of 2011 backlog, is USD 256.8 million, at list price, and could double, if all options are confirmed. Delivery of these aircraft will begin in the fourth quarter of 2012.
This new contract expands on the agreement for two EMBRAER 190 jets, announced last June during the Paris Air Show, which is included in the Company’s third quarter of 2011 backlog. GECAS presently has 93 E-Jets of all models on lease with 15 airlines around the world, and its portfolio now comes to 101 E-Jets.
“It’s very gratifying for us to see GECAS further increasing its E-Jets portfolio,” said Paulo Cesar de Souza e Silva, President Commercial Aviation. “GECAS is a long-standing Embraer customer and partner, and has been playing an important role in the expansion of the E-Jets customer base through its extensive global network.”
“Our customers’ fleet needs continually change and it is important that we have a complete range of preferred aircraft to meet their evolving requirements,” said Norm Liu, GECAS President and CEO. “We continue to see strong demand for Embraer’s E-Jets, as carriers of all types from around the world expand their point-to-point services. This order allows GECAS to help these carriers add to their fleets with the operational and financial flexibility of leasing. We have built a large base in the regional sector and we will continue to grow with these customers.”
About GE Capital Aviation Services (GECAS)
GECAS, the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,750 owned and managed aircraft with approximately 245 airlines in 75 countries. 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 24 cities around the world.
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