Willis Lease Finance and China Aviation Supplies Import & Export (CASC) announced the launch of CASC Willis Engine Lease Company Limited, a new 50/50 joint venture. The new company will be dedicated to supplying Chinese airlines with engine support solutions and creating an engine resource sharing platform. CASC Willis will be based in Shanghai and will concentrate on meeting the fast growing demand for leased commercial aircraft engines and aviation assets in the People’s Republic of China.

“We’ve been active in China for nearly twenty years,” said Charles F. Willis IV, chairman and CEO, Willis Lease Finance. “We leased our first engine in China in 1997 to Shanghai Airlines and since that time both the Chinese market and our customer base have grown significantly. That’s why we have joined together with CASC, a well-known, highly-respected company that is heavily involved in supporting the Chinese aviation industry. We are very pleased to have them as our partner and are looking forward to working together to capitalize on the many opportunities the Chinese market will present in the future.”

The formation of the joint venture company is subject to board approvals and certain Chinese government approvals, which are in process and expected in the near term.

Willis Lease Finance leases large and regional spare commercial aircraft engines, APU’s and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 110 countries.