LE BOURGET, France -- International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group, Inc. (NYSE: AIG),and CFM International today announced that leasing company has selected CFM International's advanced LEAP engine to power 40 new Airbus A320neo aircraft scheduled to begin delivery in 2016. The firm engine order is valued at $950 million at list price. ILFC also has options for 20 additional aircraft.
"Selecting the LEAP engine to power our new A320neos is right in line with our objectives of providing the industry's most technologically advanced products to our customers," said ILFC Chief Executive Henri Coupron. "We manage a huge CFM56-powered portfolio today, and we are looking forward to bringing LEAP into that mix."
"CFM and ILFC have a very successful 25-year relationship," said Jean-Paul Ebanga, president and CEO of CFM International. "As we take that relationship to the next level, we are excited to bring all of the benefits of LEAP technology, including better fuel burn and an improved environmental footprint with CFM's industry-leading reliability and low maintenance costs, to ILFC and its customers."
CFM International (CFM) set aggressive technical target for LEAP and testing to date confirms that the engine is meeting those goals. Compared to today's best engines, LEAP will provide ILFC customers with 15 percent better fuel efficiency, which equates to an equal reduction in CO2 emissions; a 50 percent margin compared to today's oxides of nitrogen (NOx) requirements; and 10 - 15 dB lower noise; all with CFM's legendary reliability and comparable maintenance costs.
LEAP is a product of CFM International (CFM), a 50/50 joint company between Snecma (Safran group) and GE.
About ILFC
ILFC is the international market leader in the leasing and remarketing of commercial jet aircraft to airlines around the world. Through our employees' expertise and passion for aviation, ILFC delivers innovative customized fleet solutions that generate strong financial performance. ILFC currently owns and manages a fleet portfolio of over 1000 aircraft. www.ilfc.com
About AIG
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.