Fri, Aug 19, 2005
That's 24 A320s And Five A350s
Financial giant CIT Group Thursday
announced it has signed a purchase agreement with aircraft
manufacturer Airbus for new aircraft.
The purchase agreement covers 24 A320 family aircraft, to be
delivered in 2007 and 2008, and 5 A350 aircraft, to be delivered in
2012 and 2013. The total dollar value of the aircraft order
is approximately US $2.2 billion, based on Airbus' current list
prices. CIT also has options to acquire additional
"We have seen significant improvement in the outlook for the
international commercial aerospace sector," said Rick Wolfert, Vice
Chairman, CIT Commercial Finance. Demand from our
clients for new aircraft is strong and growing, and rental rates
have rebounded nicely. On these new deliveries, we are
meeting or exceeding our targeted returns and are well positioned
to capitalize on our established market position as a leader in
commercial aviation finance."
"Leasing companies such as CIT have vision, excellent financial
resources and global reach. CIT's selection of the new Airbus
A350 underscores the growing momentum for this exciting aircraft,
and the company's repeat order for the A320 highlights the
continuing strong demand for our best-selling aircraft family,
which is still the benchmark in single-aisle aircraft innovation,"
says Airbus President and CEO Gustav Humbert.
"This announcement is both timely and exciting, providing CIT
with speed to market and flexibility through size and schedule of
deliveries," said Jeff Knittel, President, CIT Aerospace.
"The A350 is a technologically and environmentally sophisticated
long-range twin aisle aircraft, which is well suited to market
needs. Also, the A320 is among the industry's leading
aircraft in terms of comfort and design. We anticipate high
demand for both types of aircraft."
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