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Cinven Partners LLP
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Email: Vanessa Maydon

Press releases

Avolon
14 July 2014

Avolon increases LEAP-1B engine order to power 737 MAX aircraft

Dublin-based international aircraft leasing company Avolon today announces that it has increased its order for CFM International's LEAP-1B engine to power 20 new Boeing 737 MAX aircraft, including five 737 MAXs which it has today reconfirmed with Boeing. CFM values the total engine order at $520 million U.S. at current list prices.

Avolon has been a CFM customer since its launch in 2010 and already has 80 CFM-powered aircraft in its fleet.

"We are pleased to expand our relationship with CFM and to announce an increase in our order of LEAP-1B engines to power all of our 20 confirmed 737 MAX aircraft. Our strong relationship with CFM reflects not only our confidence in their long track-record of designing and building world-class engines but also their continued ability to understand their customer's needs and to respond in a timely, professional and creative way," said John Higgins, president and chief commercial officer of Avolon.

"We are excited to continue our relationship with this dynamic and successful leasing company," said Jean-Paul Ebanga, president and CEO of CFM International. "Avolon's focus is on modern, fuel-efficient aircraft and we are delighted to be part of the team that provides them. We believe that the LEAP-1B will be an important part of the Avolon portfolio."

"We recently began testing the LEAP-1B engine and we are more confident than ever that this engine will provide the kind of operating economics that Avolon and its customers need," said Gael Meheust, executive vice president of Sales & Marketing for CFM parent company Snecma (Safran).