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GE Capital Aviation Services
GECAS (GE Capital Aviation Services) was an Irish–American commercial aviation financing and leasing company. AerCap acquired the company from GE Capital on November 1, 2021.
GECAS was the largest commercial airline leasing/financing company in the world by number of aircraft. The company offered many aviation finance services, including aircraft leasing, aircraft lending, engine leasing, asset management, and aircraft consulting. In terms of aircraft leasing, GECAS purchased aircraft from manufacturers such as Airbus and Boeing, and then leased them to airlines, typically for about eight years, and usually on dry lease contracts. GECAS also offered purchase leasebacks. The company had two global headquarters in Shannon, Ireland, and Norwalk, Connecticut. The company had over 575 employees and 26 offices throughout the world.
GECAS had a fleet of over 1,970 aircraft, operated by 270 clients in over 75 countries. GECAS' primary competitor was AerCap, with other competitors including Air Lease Corporation, Aviation Capital Group, BBAM and SMBC Aviation Capital.
GE Aviation, another GE subsidiary, was part of the CFM International joint venture with Safran. Previously, GECAS had a policy of exclusively selecting GE engines for 99% of its airliners, and had only eight Boeing 757s with Pratt & Whitney or Rolls-Royce turbofans. As the Airbus A350 XWB did not select GE engines, GECAS would not order it without airline placement. However, the company finally leased the first A350 operated by Qatar Airways to diversify assets and reduce risk. GECAS also leases the Pratt & Whitney-powered Bombardier Q400 and ATR 72. GE/CFM supports Pratt & Whitney, Rolls-Royce and IAE engines.
In 1967, GE Credit Corporation (GECC), now GE Capital, signed its first aviation lease with Allegheny Airlines. The deal leased three McDonnell Douglas DC-9s to the Pittsburgh-based operator. In 1981, GECC's Transportation & Industrial platform began to co-invest with UK lenders on aircraft leases. Two years later, GECC completed its first non-US lease to Swissair. GECC purchased the California-based Polaris Aircraft Leasing Corporation in 1986. With the purchase of Chemical Bank in 1989, GECC would begin to crucially expand its global presence.
GECAS was officially formed in 1993 to manage the assets bought from the Irish-based Guinness Peat Aviation, GECC Transportation & Industrial's Aviation Group, and Polaris Aircraft Leasing. By 1996, the company owned the world's largest leased fleet, and place its first speculative OEM order. In 1999, GECAS added engine leasing to its service offerings.
In 2000, GECAS acquired PK AirFinance to offer aircraft lending. The same year, the company also moved into the regional jet and widebody space with its first order for Boeing 777s. In 2002, the company began freighter conversions to further maximize the life of its narrowbody assets.
The acquisition of The Memphis Group in 2006 added airframe parts to GECAS'service portfolio. GECAS also owns a minority stake in Oxford Aviation Academy retained when it sold 80% (before dilution) of GECAT to Star Capital Partners in 2007.
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GE Capital Aviation Services
GECAS (GE Capital Aviation Services) was an Irish–American commercial aviation financing and leasing company. AerCap acquired the company from GE Capital on November 1, 2021.
GECAS was the largest commercial airline leasing/financing company in the world by number of aircraft. The company offered many aviation finance services, including aircraft leasing, aircraft lending, engine leasing, asset management, and aircraft consulting. In terms of aircraft leasing, GECAS purchased aircraft from manufacturers such as Airbus and Boeing, and then leased them to airlines, typically for about eight years, and usually on dry lease contracts. GECAS also offered purchase leasebacks. The company had two global headquarters in Shannon, Ireland, and Norwalk, Connecticut. The company had over 575 employees and 26 offices throughout the world.
GECAS had a fleet of over 1,970 aircraft, operated by 270 clients in over 75 countries. GECAS' primary competitor was AerCap, with other competitors including Air Lease Corporation, Aviation Capital Group, BBAM and SMBC Aviation Capital.
GE Aviation, another GE subsidiary, was part of the CFM International joint venture with Safran. Previously, GECAS had a policy of exclusively selecting GE engines for 99% of its airliners, and had only eight Boeing 757s with Pratt & Whitney or Rolls-Royce turbofans. As the Airbus A350 XWB did not select GE engines, GECAS would not order it without airline placement. However, the company finally leased the first A350 operated by Qatar Airways to diversify assets and reduce risk. GECAS also leases the Pratt & Whitney-powered Bombardier Q400 and ATR 72. GE/CFM supports Pratt & Whitney, Rolls-Royce and IAE engines.
In 1967, GE Credit Corporation (GECC), now GE Capital, signed its first aviation lease with Allegheny Airlines. The deal leased three McDonnell Douglas DC-9s to the Pittsburgh-based operator. In 1981, GECC's Transportation & Industrial platform began to co-invest with UK lenders on aircraft leases. Two years later, GECC completed its first non-US lease to Swissair. GECC purchased the California-based Polaris Aircraft Leasing Corporation in 1986. With the purchase of Chemical Bank in 1989, GECC would begin to crucially expand its global presence.
GECAS was officially formed in 1993 to manage the assets bought from the Irish-based Guinness Peat Aviation, GECC Transportation & Industrial's Aviation Group, and Polaris Aircraft Leasing. By 1996, the company owned the world's largest leased fleet, and place its first speculative OEM order. In 1999, GECAS added engine leasing to its service offerings.
In 2000, GECAS acquired PK AirFinance to offer aircraft lending. The same year, the company also moved into the regional jet and widebody space with its first order for Boeing 777s. In 2002, the company began freighter conversions to further maximize the life of its narrowbody assets.
The acquisition of The Memphis Group in 2006 added airframe parts to GECAS'service portfolio. GECAS also owns a minority stake in Oxford Aviation Academy retained when it sold 80% (before dilution) of GECAT to Star Capital Partners in 2007.