Willis Lease Finance purchased 25 PW1100G-JM and PW1500G GTF aircraft engines from Pratt & Whitney, a division of Raytheon Technologies and an affiliate company, in December 2020. The transaction also includes a long-term maintenance and support agreement with Pratt & Whitney and an affiliate company, enabling Willis Lease to offer engines maintained through Pratt & Whitney’s GTF MRO network. The engines, together with associated maintenance, are valued at more than $400 million.
“We have seen the trend continuing for airlines to demand engines on a ‘just in time’ basis. The bulk purchase of the GTF engines provides us the foundation for the scale required to deliver these engines through our ConstantAccess programs,” Austin C. Willis, SVP of corporate development at Willis Lease Finance, said.
“Willis Lease has demonstrated over many decades the technical and asset management capabilities required to deliver engines to our customers when needed, offering them additional options for spare engine support,” Rick Deurloo, chief commercial officer for Pratt & Whitney, said.
Willis Lease Finance leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries.
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