GE Capital Aviation Services
| File:GE Capital Aviation Services.png | |
| Company type | Subsidiary |
|---|---|
| Industry | Aviation leasing |
| Headquarters | Norwalk, Connecticut, United States Shannon, County Clare, Ireland, Singapore |
Area served | Worldwide |
Key people | Alec Burger (President & CEO) |
| Products | Aviation leasing Engine leasing Aircraft parts |
| Parent | GE Capital |
| Website | www |
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 eight year leases, usually on dry lease contracts. It also buys aircraft from airlines and leases them back. The company has three global headquarters, located in Singapore; Shannon, County Clare and Norwalk, Connecticut.
The primary competition for GECAS is AerCap, although other companies such as Air Lease Corporation, Aviation Capital Group, 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
GECAS was formed in 1993 to manage the assets bought from the Irish-based Guinness 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 took over the Irish-based Milestone Aviation to add helicopters to its leasing portfolio.[3]
Products
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
GECAS distributes recertified engine and aircraft parts through its Asset Management Services group. The company maintains an inventory of parts from Airbus, Boeing, Douglas and Bombardier aircraft that have been overhauled, repaired or modified and distributes these parts from warehouses in North America, Europe and Asia. [8]
GECAS also operates AviaSolutions, which provides aircraft consultancy services to airports, investors and financial institutions, governments and airlines. AviaSolutions advises clients on business development, route development, infrastructure planning, airline management, regulations, and various other projects. [9]
References
- ^ "FARNBOROUGH: Germania firms A319 order". Retrieved 2010-07-21.
- ^ GECAS - Twenty Years at the Top
- ^ "Gecas Moves Into Helicopter Leasing with Milestone Takeover".
- ^ "Aircraft Portfolio"
- ^ "Financing Solutions"
- ^ "Engine Portfolio"
- ^ "Engine Leasing"
- ^ "Asset Management Services (Parts)"
- ^ "AviaSolutions - Who we are"
