GE Capital Aviation Services

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GE Capital Aviation Services (GECAS)
Subsidiary unit
Industry Aviation leasing
Headquarters Norwalk, Connecticut
Shannon and Dublin, Ireland
Singapore
Area served
Worldwide
Key people
Norman Liu, President
Products aircraft leasing
Parent GE Capital
Website www.gecas.com

GE Capital Aviation Services (GECAS) is an Irish-American commercial aircraft financing and leasing company. It is the largest commercial airline leasing/financing company in the world. It is part of GE Capital, a company of the large conglomerate General Electric. GECAS buys aircraft from manufacturers like Airbus and Boeing and then leases them to airlines, typically on three to five year leases, usually on dry lease contracts. It also buys aircraft from airlines and leases them back. The company has two global headquarters, located in Shannon, Ireland and Norwalk, CT.

The primary competition for GECAS is AerCap, although other companies such as Air Lease Corporation, Aviation Capital Group, AerCap, BBAM and SMBC Aviation Capital also compete with it.

GECAS has a fleet of over 1800 aircraft, used by 245 airlines.[1] Nearly all aircraft owned by GECAS are powered by engines from either GE Aviation, another subsidiary of General Electric, or CFM International, a GE Aviation/Snecma joint venture.[citation needed]

History[edit]

GECAS was formed in 1993 to manage the assets bought from the irish-based Guiness Peat Aviation. The company GE Capital Aviation Services Limited was based in Ireland and originally staffed by former GPA employees. GE Capital also incorporated the California-based Polaris Aircraft Leasing into the group.[2]

GECAS also owns a minority stake in Oxford Aviation Academy retained when they sold 80% (before dilution) of GECAT to STAR Capital Partners in 2007.

In 2015, GECAS tookover the Irish-based Milestone Aviation to add Helicopters to its leasing portfolio.[3]

Products[edit]

GECAS maintains a portfolio of narrowbody and widebody passenger aircraft, cargo aircraft, and regional and turboprop aircraft from manufacturers Boeing, Airbus, Embraer, Bombardier and ATR. Through its Milestone Aviation Group, GECAS also owns and leases AgustaWestland, Sikorsky and Airbus Eurocopter helicopters.[4]

Customers finance these aircraft through the following GECAS offerings:[5]

  • Operating leases
  • Purchase leaseback agreements
  • Secured loans
  • Aircraft servicing

Additionally, GECAS buys, leases and finances aircraft engines from GE and CFM, as well as from manufacturers Rolls-Royce, Pratt & Whitney, IAE and Engine Alliance.[6]

GECAS provides the following for its engine pool:[7]

  • Operating leases
  • Short-term leases
  • Purchase leaseback agreements
  • Secured loans
  • Engine exchange
  • Engine servicing

References[edit]

External links[edit]