Willis Lease Finance Corporation and Pratt & Whitney Forge $364 Million Deal for 15 Cutting-Edge, Eco-Fr...
Published / Modified Jun 25 2024
CSIMarket Team / CSIMarket.com
COCONUT CREEK, Fla., June 25, 2024' Willis Lease Finance Corporation (NASDAQ: WLFC), a leading global lessor of commercial aircraft engines and comprehensive provider of aviation services, proudly announces a milestone agreement with Pratt & Whitney, a distinguished division of RTX Corporation (NYSE: RTX). This substantial deal paves the way for the purchase and leaseback of up to fifteen PW1100G-JM GTF aircraft engines, securing an estimated transaction value of $363.9 million based on Pratt & Whitney's 2024 list prices.
Fuel-Efficient and Environmentally Friendly Engines
The innovative Pratt & Whitney PW1100G-JM GTF engines represent a leap forward in aviation technology. Their hallmark feature, geared turbofan (GTF) technology, enables up to 17% lower fuel consumption compared to previous models. This significant reduction in fuel burn not only translates into substantial cost savings from an operational standpoint but also aligns with global sustainability goals by minimizing the carbon footprint per flight.
Certified for operation with 50% Sustainable Aviation Fuel (SAF) and having exceeded rigorous testing with 100% SAF, the PW1100G-JM GTF engines mark a progressive stride towards greener aviation. The ultimate goal is to bolster these eco-friendly efforts further as the industry gravitates towards complete SAF usage.
Strategic Alignment for Sustainable Growth
Brian R. Hole, President and CEO of Willis Lease Finance Corporation, remarked, Our strategic partnership with Pratt & Whitney to acquire these state-of-the-art engines underscores our commitment to delivering cutting-edge, fuel-efficient, and environmentally friendly solutions to our clients worldwide. This acquisition bolsters our portfolio with advanced technologies that resonate with the industry's move towards sustainable aviation.
This strategic alignment is set to enhance the leasing company's portfolio, answering growing demand across the aviation sector for more fuel-efficient and less environmentally impactful solutions.
Industry Implications
Pratt & Whitney's innovative PW1100G-JM GTF engines offer an attractive operational utility with their dual benefits of fuel savings and environmental adaptability. Eric Schulz, President of Pratt & Whitney Commercial Engines, stated, We are excited to collaborate with Willis Lease Finance Corporation on this significant agreement. This partnership underscores the airlines' trust in our GTF technology, which is not only fuel-efficient but is also a leap in our collective pursuit of a more sustainable future.
In a sector increasingly pressured by regulatory demands and environmental responsibilities, such strategic acquisitions serve as a critical pathway for organizations to stay compliant while promoting eco-consciousness.
Financing and Expected Timeline
The deal?s transactions, prepared meticulously to reflect both companies' long-term value aspirations, are expected to be completed by December 31, 2024. The agreement also mirrors the shared vision of both WLFC and Pratt & Whitney towards enhancing aviation efficiency and sustainability.
Conclusion
Willis Lease Finance Corporation?s extensive deal with Pratt & Whitney to purchase and subsequently lease up to fifteen PW1100G-JM GTF engines embodies a forward-thinking approach that is both economically astute and environmentally responsible. This strategic effort highlights WLFC?s commitment to advancing industry standards through cutting-edge technology and sustainable practices, setting a commendable benchmark for others in the aviation sector to emulate.
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