GE Commercial Aviation Services
Encyclopedia
GECAS is a unit of GE Capital
, itself part of the large conglomerate General Electric
. The president of GECAS is Norman Liu
. GECAS is responsible for the leasing of aircraft and associated equipment to airlines. 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 primary competition for GECAS is ILFC
, although other companies such as Aviation Capital Group, AerCap, Babcock & Brown Aircraft Management and RBS Aviation Capital
also compete with it. GECAS is the largest aircraft lessor in the world by fleet size according to the 2005 Airfinance Journal Operating Lessor Survey.
GECAS has a fleet of over 1800 aircraft, used by 245 airlines. Nearly all aircraft owned by GECAS are powered by engines from GE-Aviation
, another subsidiary of General Electric.
for fifteen 777
aircraft and twenty four 737-800
aircraft in a $5.34 billion deal. The aircraft are scheduled to be delivered between 2008 and 2010.
In November 2008, GECAS announced a signed contract for five COMAC ARJ21-700 regional jets. COMAC ARJ21-700 jets are produced by Shanghai-based Commercial Aircraft Corporation of China. The contract includes options for 20 additional aircraft. Deliveries of the aircraft to GECAS will begin in 2013.
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
At the 2010 Farnborough airshow, Airbus
and Boeing
announced that GECAS had placed orders for a further 20 A320s and 40 737s.
At 2010 Zhuhai airshow, GECAS announced that it has placed orders for 10 COMAC C919
aircraft from Shanghai-based Commercial Aircraft Corporation of China
(COMAC).
At the 2011 Paris Air Show two Boeing 747-8
Freighters were ordered as well as eight additional Boeing 777-300ER
s.
GE Capital
GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....
, itself part of the large conglomerate General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
. The president of GECAS is Norman Liu
Norman Liu
Norman C.T. Liu is CEO and President of GE Commercial Aviation Services. He is a veteran of GE Capital, a primary unit of General Electric to which GECAS is grouped. He took over his current position from Henry A. Hubschma in July 2009....
. GECAS is responsible for the leasing of aircraft and associated equipment to airlines. 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 primary competition for GECAS is ILFC
International Lease Finance Corporation
The International Lease Finance Corporation is an aircraft lessor headquartered in Century City, Los Angeles, California.It is the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, has more aircraft...
, although other companies such as Aviation Capital Group, AerCap, Babcock & Brown Aircraft Management and RBS Aviation Capital
RBS Aviation Capital
RBS Aviation Capital is the world's fourth largest aircraft leasing company, based in Dublin, Ireland.A member of the Royal Bank of Scotland Group, the company has 90employees based in 38 countries, serving 100 airline including Air China, BMI, EasyJet and Virgin Atlantic...
also compete with it. GECAS is the largest aircraft lessor in the world by fleet size according to the 2005 Airfinance Journal Operating Lessor Survey.
GECAS has a fleet of over 1800 aircraft, used by 245 airlines. Nearly all aircraft owned by GECAS are powered by engines from GE-Aviation
GE-Aviation
GE Aviation, a subsidiary of General Electric, is headquartered in Evendale, Ohio . GE Aviation is the top supplier of aircraft engines in the world, and offers engines for the majority of commercial aircraft. GE Aviation is part of the General Electric conglomerate, which is one of the world's...
, another subsidiary of General Electric.
History
In early 2007, GECAS placed an order with BoeingBoeing
The Boeing Company is an American multinational aerospace and defense corporation, founded in 1916 by William E. Boeing in Seattle, Washington. Boeing has expanded over the years, merging with McDonnell Douglas in 1997. Boeing Corporate headquarters has been in Chicago, Illinois since 2001...
for fifteen 777
Boeing 777
The Boeing 777 is a long-range, wide-body twin-engine jet airliner manufactured by Boeing Commercial Airplanes. It is the world's largest twinjet and is commonly referred to as the "Triple Seven". The aircraft has seating for over 300 passengers and has a range from , depending on model...
aircraft and twenty four 737-800
Boeing 737 Next Generation
The Boeing 737 Next Generation, commonly abbreviated as Boeing 737NG, is the name given to the -600/-700/-800/-900 series of the Boeing 737 after the introduction of the -300/-400/-500 Classic series. They are short- to medium-range, narrow-body jet airliners...
aircraft in a $5.34 billion deal. The aircraft are scheduled to be delivered between 2008 and 2010.
In November 2008, GECAS announced a signed contract for five COMAC ARJ21-700 regional jets. COMAC ARJ21-700 jets are produced by Shanghai-based Commercial Aircraft Corporation of China. The contract includes options for 20 additional aircraft. Deliveries of the aircraft to GECAS will begin in 2013.
GECAS also owns a minority stake in Oxford Aviation Academy
Oxford Aviation Academy
Oxford Aviation Academy is an aviation training organisation. It includes the former Oxford Aviation Training - a commercial pilot training school based at Oxford Airport in the United Kingdom and Phoenix Goodyear Airport in the United States; the former SAS Flight Academy, the former GECAT and the...
retained when they sold 80% (before dilution) of GECAT to STAR Capital Partners in 2007
At the 2010 Farnborough airshow, Airbus
Airbus
Airbus SAS is an aircraft manufacturing subsidiary of EADS, a European aerospace company. Based in Blagnac, France, surburb of Toulouse, and with significant activity across Europe, the company produces around half of the world's jet airliners....
and Boeing
Boeing
The Boeing Company is an American multinational aerospace and defense corporation, founded in 1916 by William E. Boeing in Seattle, Washington. Boeing has expanded over the years, merging with McDonnell Douglas in 1997. Boeing Corporate headquarters has been in Chicago, Illinois since 2001...
announced that GECAS had placed orders for a further 20 A320s and 40 737s.
At 2010 Zhuhai airshow, GECAS announced that it has placed orders for 10 COMAC C919
Comac C919
The Comac C919 is a planned family of 168-190 seat narrow-body airliners to be built by the Commercial Aircraft Corporation of China ....
aircraft from Shanghai-based Commercial Aircraft Corporation of China
Commercial Aircraft Corporation of China
Commercial Aircraft Corporation of China, Ltd., or Comac, is a Chinese aerospace manufacturer established on 11 May 2008 in Shanghai, China. The company has a registered capital of RMB 19 billion...
(COMAC).
At the 2011 Paris Air Show two Boeing 747-8
Boeing 747-8
The Boeing 747-8 is a wide-body jet airliner developed by Boeing Commercial Airplanes. Officially announced in 2005, the 747-8 is the fourth-generation Boeing 747 version, with lengthened fuselage, redesigned wings and improved efficiency...
Freighters were ordered as well as eight additional Boeing 777-300ER
Boeing 777
The Boeing 777 is a long-range, wide-body twin-engine jet airliner manufactured by Boeing Commercial Airplanes. It is the world's largest twinjet and is commonly referred to as the "Triple Seven". The aircraft has seating for over 300 passengers and has a range from , depending on model...
s.