SAN FRANCISCO, California 3/4 A new joint venture has been formed between GE Capital Aviation Services, Inc. (GECAS), GE Engine Services (GEES), both units of General Electric Company, and the principals of the San Francisco based Curtis & Company. The new venture, to be called Curtis Power Company, LLC (CPC), will acquire a wide range of Stage III jet engines for lease to commercial airlines worldwide.
CPC has purchased Curtis' portfolio of engine leases and has obtained substantial committed capital for acquisition of addition equipment. The financial backing of GE, combined with the customer relationships and marketing reach of the world's leading commercial aircraft leasing and engine manufacturing companies, will provide CPC with outstanding capabilities to source and service customers. With its capital, marketing and service base, CPC looks to become the world's premier provider of operating leases for jet engines.
"GECAS targeted engine leasing to increase further our product and service offerings in the commercial airline market place," said GECAS President Henry A. Hubschman. "We are delivering again on our commitment to provide comprehensive financial and fleet solutions to our customers who have told us they believed that GE's entry into the market would provide them with a wider range of options to meet their balance sheet and fleet planning objectives" Mr. Hubschman continued.
Lynne C. Butcher and Stephen T. Rimmer are principals of Curtis & Company which was established in 1988 and entered the engine leasing business in 1996. They see real value in teaming up with the GE units.
"We bring an existing portfolio and experience in the engine leasing market," said Ms. Butcher, "which is an excellent compliment to the product knowledge, global reach and financial strength of GECAS and GEES. We are excited about the potential of the CPC to define this market and be a leader in its development and growth."
GE Engine Services' President and CEO, Bill Vareschi, said "engine leasing is a key component of our strategy to provide full service solutions to our maintenance customers. We are pleased to be able to deliver even more value and flexibility by extending our product offerings beyond short term rentals with the addition of operating leases through Curtis Power Company."
CPC will be headquartered in San Francisco, California, with an office in London. For more information, contact Lynne Butcher in San Francisco (415- 546-4141) or Stephen Rimmer in London (44.171.409.7575).