CIT Aerospace places major order for Airbus Aircraft
Toulouse, 06 November 2000
CIT Aerospace, a company of the CIT Group, has signed a firm order for 35 A320 family aircraft and 15 A330s, confirming an intent announced in July. The deal is valued at about $3.5 billion. The order includes A318s, as well as flexibility among A330/A340 family members. It thus gives CIT the ability to offer airlines a wide range of aircraft sizes and ranges to meet different needs. CIT's latest deal takes total firm orders for the A320 family to over 2,500 aircraft from some 130 customers and operators, highlighting its leading role as the most modern and successful airliner family. Its selection of the A330 takes A330/A340 sales to more than 625 from over 60 customers and operators, reinforcing its leadership of the 250-380 seat market.
" Engine selections have yet to be announced. As a leasing company, we need to select aircraft that airlines will want to fly, and as a financial services company, we need to invest in products that retain their value, and the A320 and A330/A340 families are strong performers on both counts", says CIT Capital Finance Chief Executive Officer and President Nikita Zdanow. "We have experienced strong demand for the A320 Family and A330-200 aircraft we ordered last year and, in fact, have already placed four of our five A330s. We especially like the Airbus family concept and we look forward to the arrival of the A330-500 which will further extend the spread of aircraft sizes and ranges in our portfolio", adds CIT Aerospace President C. Jeffrey Knittel.
CIT took delivery of its first Airbus aircraft last month - an A320 that it is leasing to Air 2000 - under a contract placed last year. The new order takes the total number of Airbus aircraft ordered by CIT to 80. "CIT is an increasingly large player in the aircraft leasing business, with a strong determination to share in the large growth-market that the airliner industry represents", says Airbus Industrie Chief Executive Officer Noäl Forgeard. "We recognise the important role that financial services companies such as CIT Aerospace play in our industry, in both anticipating and satisfying airline needs, and look forward to growing our businesses together".
CIT Aerospace has more than 90 airline customers worldwide and a portfolio of more than 250 commercial aircraft from all major aircraft manufacturers. CIT Aerospace, a unit of Capital Finance, a CIT operating group, offers customized leasing and financing packages for new and used aircraft with a special focus on operating leases for commercial airlines worldwide. Founded in 1908, The CIT Group is the world's largest publicly held commercial finance company, with over $50 billion in managed assets. For more information visit www.citaerospace.com. Airbus Industrie offers airlines the most modern and comprehensive aircraft family, which ranges in size from the 107-seat A318 up to the 555-seat A3XX. Established just 30 years ago, in December 1970, Airbus Industrie has sold some 4,000 airliners to around 200 customers and operators since its inception.
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