Aviation Capital Group Awards $3 Billion in Orders
NEWPORT BEACH, Calif. --- Aviation Capital Group, one of the world’s largest aircraft leasing companies, concluded the Farnborough Air Show after announcing more than $3 billion worth of aircraft and engine orders.
ACG, a subsidiary of Pacific LifeCorp, announced orders for 23 Airbus A320 family aircraft, 15 Boeing 737 NGs and 25 shipsets each from CFM International and International Aero Engines to power previously announced orders for A320s.
The 737s will be equipped with Blended Winglets, which reduce fuel burn by up to 4% over non-Winglet 737s. The engines from both manufacturers incorporate the latest technology designed to improve fuel burn, reduce maintenance costs and reduce carbon emissions.
The additional aircraft orders bring ACG’s total orders to 164 from Airbus and Boeing. These include 91 737NGs, 68 A320s and five Boeing 787-8s.
With the exception of three A320 aircraft delivering in late 2009, this group of new orders begins in 2013 through 2015. These aircraft orders will fill out open skyline positions.
“ACG’s current aircraft delivery stream in the future is prudently paced to provide for ACG’s growth and our own fleet renewal,” said R. Stephen Hannahs, Group Managing Director and CEO. The orders placed and delivery positions acquired by ACG make the company one of the leaders among the Top Tier aircraft lessors.
With these announcements, ACG now has the second highest backlog of Boeing 737 NGs and the third highest backlog of Airbus A320s of any lessor.
“Beginning in 2005 with the purchase of another lessor and following every year with orders for the most widely used single-aisle airplanes in the world, ACG has transformed itself into one of the leading aircraft leasing companies in the world,” said Hannahs.
“While there is turmoil in the airline industry today, ACG’s history since our founding 19 years ago has been one of consistent and steady growth. As a subsidiary of one of America’s oldest and financially strongest insurance companies, ACG has financial strength, stability and the ability to finance and profitably manage our aircraft assets in the pending downturn. More importantly, ACG has the ability to support our airline customers in these challenging times,” Hannahs said.
Separately, ACG completed eight transactions during the second quarter of 2008.
Aviation Capital Group is the owner/lessor and portfolio manager of a diversified fleet of commercial jet aircraft leased to the world's leading airlines. Its portfolio includes 232 aircraft leased to 97 airlines in 42 countries. ACG's Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific LifeCorp.
Aviation Capital Group Farnborough Recap: $3 Billion in Orders