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'''GE Capital Aviation Services''' ('''GECAS''') is an Irish–American commercial aviation financing and leasing company. It is the largest commercial airline leasing/financing company in the world by number of aircraft.<ref name=AFJtop50/> GECAS is a subsidiary of [[GE Capital]], the finance arm of the large conglomerate, [[General Electric]]. The company offers many services, including aircraft leasing, aircraft lending, engine leasing, and asset management. In terms of aircraft leasing, GECAS purchases aircraft from manufacturers such as Airbus and Boeing, and then leases them to airlines, typically for eight years, and usually on [[dry lease]] contracts. GECAS also purchases aircraft from airlines and leases them back. The company has two global headquarters located in [[Shannon, County Clare]] and [[Norwalk, Connecticut]]. The company has over 575 employees and 26 offices throughout the world.
'''GE Capital Aviation Services''' ('''GECAS''') is an Irish–American commercial aviation financing and leasing company. It is the largest commercial airline leasing/financing company in the world by number of aircraft.<ref name=AFJtop50/> GECAS is a subsidiary of [[GE Capital]], the finance arm of the large conglomerate, [[General Electric]]. The company offers many aviation finance services, including aircraft leasing, aircraft lending, engine leasing, asset management, and aircraft consulting. In terms of aircraft leasing, GECAS purchases aircraft from manufacturers such as [[Airbus]] and [[Boeing]], and then leases them to airlines, typically for about eight years, and usually on [[dry lease]] contracts. GECAS also offers purchase leasebacks. The company has two global headquarters located in [[Shannon, County Clare]] and [[Norwalk, Connecticut]]. The company has over 575 employees and 26 offices throughout the world.


GECAS has a fleet of over 1,970 aircraft, used by 270 clients in over 75 countries.<ref name="factsheet"/> The primary competition for GECAS is [[AerCap]], although other companies such as [[Air Lease Corporation]], [[Aviation Capital Group]], [[BBAM]] and [[SMBC Aviation Capital]] also compete with it.
GECAS has a fleet of over 1,970 aircraft, used by 270 clients in over 75 countries.<ref name="factsheet"/> GECAS' primary competitor is [[AerCap]], although other companies such as [[Air Lease Corporation]], [[Aviation Capital Group]], [[BBAM]] and [[SMBC Aviation Capital]] are players in the aviation finance industry.


GECAS is a subsidiary of General Electric, as is [[GE Aviation]] engines, also part of the [[CFM International]] joint venture with [[Safran]]. Previously, GECAS had a policy of selecting only GE engines for 99% of its airliners, and had only eight [[B757]] with only [[Pratt & Whitney]] or [[Rolls-Royce]] turbofans.<ref>{{cite book |url= https://books.google.com/books?id=zI3KAwAAQBAJ&lpg=PA223&ots=eceZ0wTiIG&dq=gecas%20only%20ge%20engines&hl=fr&pg=PA223#v=onepage&q=gecas%20only%20ge%20engines&f=false |title= International Antitrust Law & Policy |publisher= Fordham Corporate Law |date= 2001 |author= Barry Hawk |page= 223}}</ref>
[[GE Aviation]], another GE subsidiary, is part of the [[CFM International]] joint venture with [[Safran]]. Previously, GECAS had a policy of exclusively selecting GE engines for 99% of its airliners, and had only eight [[B757|B757s]] with [[Pratt & Whitney]] or [[Rolls-Royce]] turbofans.<ref>{{cite book |url= https://books.google.com/books?id=zI3KAwAAQBAJ&lpg=PA223&ots=eceZ0wTiIG&dq=gecas%20only%20ge%20engines&hl=fr&pg=PA223#v=onepage&q=gecas%20only%20ge%20engines&f=false |title= International Antitrust Law & Policy |publisher= Fordham Corporate Law |date= 2001 |author= Barry Hawk |page= 223}}</ref> As the [[Airbus A350 XWB]] did not select GE engines, GECAS would not order it without airline placement.<ref>{{cite news |url= https://www.flightglobal.com/news/articles/gecas-rejects-airbus-a350-xwb-no-progress-on-ge-power-215124/ |title= GECAS rejects Airbus A350 XWB; no progress on GE power |date= 22 Jun 2007 |work= Flight International |author= Max Kingsley-Jones}}</ref> But, the company finally leased the first A350 operated by [[Qatar Airlines]] to diversify assets and reduce risk.<ref>{{cite news |url= https://www.reuters.com/article/us-airbus-a350-gecas-exclusive-idUSKBN0KP2BX20150116 |date= Jan 16, 2015 |title= Exclusive: GE finances first A350 powered by rival Rolls-Royce |author= Tim Hepher |work= Reuters}}</ref> GECAS also leases the Pratt & Whitney-powered [[Bombardier Q400]] and [[ATR 72]]. GE/CFM supports Pratt & Whitney, Rolls-Royce and [[International Aero Engines|IAE]] engines.<ref>{{cite web |url= https://www.gecas.com/en/common/docs/GECAS_Overview.pdf?v=1 |title= Overview |publisher= GECAS |date= December 2016}}</ref>
As the [[Airbus A350 XWB]] didn't select GE Engines, GECAS would not order it without airline placement.<ref>{{cite news |url= https://www.flightglobal.com/news/articles/gecas-rejects-airbus-a350-xwb-no-progress-on-ge-power-215124/ |title= GECAS rejects Airbus A350 XWB; no progress on GE power |date= 22 Jun 2007 |work= Flight International |author= Max Kingsley-Jones}}</ref> But it finally leased the first A350 operated for [[Qatar Airlines]] to diversify assets to reduce risk.<ref>{{cite news |url= https://www.reuters.com/article/us-airbus-a350-gecas-exclusive-idUSKBN0KP2BX20150116 |date= Jan 16, 2015 |title= Exclusive: GE finances first A350 powered by rival Rolls-Royce |author= Tim Hepher |work= Reuters}}</ref> GECAS also leases PW powered [[Bombardier Q400]] and [[ATR 72]] and apart GE/CFM support Pratt & Whitney, Rolls-Royce and IAE engines.<ref>{{cite web |url= https://www.gecas.com/en/common/docs/GECAS_Overview.pdf?v=1 |title= Overview |publisher= GECAS |date= December 2016}}</ref>


==History==
==History==
In 1967, GECC Leasing Corporation signed its first aviation lease with [[Allegheny Airlines]]. The deal leased 3 DC390's to the Pittsburgh-based operator. In 1981, GE Transportation Finance would begin to co-invest with U.K. lenders on aircraft leases. Two years later, GECC completed its first non-U.S. lease to Swiss Air. GE Credit incorporated the California-based Polaris Aircraft Leasing into its financing group in 1986.<ref>{{cite web|url=http://www.gecas.com/en/common/docs/twenty-years.pdf|title=GECAS - Twenty Years at the Top|publisher=|accessdate=13 May 2017}}</ref> With the purchase of Chemical Bank in 1989, GECC would begin to crucially expand its global presence.
In 1967, GE Credit Corporation (GECC), now GE Capital, signed its first aviation lease with [[Allegheny Airlines]]. The deal leased 3 [[McDonnell Douglas DC-9|DC9-30]]'s to the Pittsburgh-based operator. In 1981, GECC's Transportation & Industrial platform began to co-invest with U.K. lenders on aircraft leases. Two years later, GECC completed its first non-U.S. lease to Swiss Air. GECC purchased the California-based Polaris Aircraft Leasing Corporation in 1986.<ref>{{cite web|url=http://www.gecas.com/en/common/docs/twenty-years.pdf|title=GECAS - Twenty Years at the Top|publisher=|accessdate=13 May 2017}}</ref> With the purchase of Chemical Bank in 1989, GECC would begin to crucially expand its global presence.


GECAS was officially formed in 1993 to manage the assets bought from the Irish-based [[Guinness Peat Aviation]], GE's T&I's Aviation Group, and Polaris Aircraft Leasing. By 1996, the company would own the world's largest leased fleet, and place its first speculative OEM order. In 1999, GECAS added engine leasing to its service offerings.
GECAS was officially formed in 1993 to manage the assets bought from the Irish-based [[Guinness Peat Aviation]], GECC Transportation & Industrial's Aviation Group, and Polaris Aircraft Leasing. By 1996, the company would own the world's largest leased fleet, and place its first speculative OEM order. In 1999, GECAS added engine leasing to its service offerings.


In 2000, GECAS would acquire PK AirFinance to offer aircraft lending. In 2002, the company began freighter conversions to further maximize the life of its narrowbody assets.
In 2000, GECAS would acquire PK AirFinance to offer aircraft lending. The same year, the company also moved into the regional jet and widebody space with its first order for Boeing 777s. In 2002, the company began freighter conversions to further maximize the life of its narrowbody assets.


GECAS also owns a minority stake in [[Oxford Aviation Academy]] retained when they sold 80% (before dilution) of GECAT to STAR Capital Partners in 2007.
The acquisition of The Memphis Group in 2006 added airframe parts to GECAS' service portfolio. GECAS also owns a minority stake in [[Oxford Aviation Academy]] retained when they sold 80% (before dilution) of GECAT to STAR Capital Partners in 2007.


In 2015, GECAS took over the Irish-based [[Milestone Aviation Group|Milestone Aviation]] to add helicopters to its leasing portfolio.<ref>[https://www.ainonline.com/aviation-news/business-aviation/2015-02-02/gecas-moves-helicopter-leasing-milestone-takeover "Gecas Moves Into Helicopter Leasing with Milestone Takeover"].</ref>
In 2010, GECAS acquired AviaSolutions, offering aviation consulting as part of the company's services. In 2015, GECAS took over the Irish-based [[Milestone Aviation Group]] to add helicopters and rotary aircraft to its leasing portfolio.<ref>[https://www.ainonline.com/aviation-news/business-aviation/2015-02-02/gecas-moves-helicopter-leasing-milestone-takeover "Gecas Moves Into Helicopter Leasing with Milestone Takeover"].</ref>


In 2016, GECAS was ranked as "World's Top Lessor" by AirFinance Journal and Airline Economics magazines.
In 2016, GECAS was ranked as "World's Top Lessor" by AirFinance Journal and Airline Economics magazines.


==Services==
==Services==
GECAS maintains a portfolio of narrowbody and widebody passenger aircraft, cargo aircraft, and regional and turboprop aircraft from manufacturers Boeing, Airbus, Embraer, Bombardier and ATR. Through its Milestone Aviation Group, GECAS also owns and leases AgustaWestland, Sikorsky and Airbus Eurocopter helicopters.<ref>{{cite web|url=https://www.gecas.com/en/fleet-solutions/portfolio.html|title=Portfolio - Fleet Solutions - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref> Customers finance these aircraft through the following GECAS offerings:<ref>{{cite web|url=https://www.gecas.com/en/financing-solutions.html|title=Financing Solutions - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref>
GECAS maintains a portfolio of narrowbody and widebody passenger aircraft, cargo aircraft, regional jets, and turboprop aircraft from manufacturers such as Airbus, Boeing, [[Embraer]], [[Bombardier]] and [[ATR (aircraft manufacturer)|ATR]]. Through its Milestone Aviation Group, GECAS also owns and leases [[AgustaWestland]], [[Sikorsky Aircraft|Sikorsky]] and Airbus Eurocopter helicopters.<ref>{{cite web|url=https://www.gecas.com/en/fleet-solutions/portfolio.html|title=Portfolio - Fleet Solutions - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref> Customers finance these aircraft through the following GECAS offerings:<ref>{{cite web|url=https://www.gecas.com/en/financing-solutions.html|title=Financing Solutions - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref>
* Operating leases
* Operating leases
* Purchase leaseback agreements
* Purchase leaseback agreements
Line 48: Line 47:
* Aircraft servicing
* Aircraft servicing


Additionally, GECAS buys, leases and finances aircraft engines from GE and CFM, as well as from manufacturers [[Rolls-Royce Limited|Rolls-Royce]], [[Pratt & Whitney]], [[International Aero Engines|IAE]] and Engine Alliance.<ref>{{cite web|url=https://www.gecas.com/en/engines/portfolio.html|title=Portfolio - Engines - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref> GECAS provides the following for its engine pool:<ref>{{cite web|url=https://www.gecas.com/en/engines/overview.html|title=Overview - Engines - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref>
Additionally, GECAS buys, leases and finances aircraft engines from GE and CFM, as well as from manufacturers Rolls-Royce, Pratt & Whitney, IAE and [[Engine Alliance]].<ref>{{cite web|url=https://www.gecas.com/en/engines/portfolio.html|title=Portfolio - Engines - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref> GECAS provides the following for its engine pool:<ref>{{cite web|url=https://www.gecas.com/en/engines/overview.html|title=Overview - Engines - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref>
* Operating leases
* Operating leases
* Short-term leases
* Short-term leases
Line 56: Line 55:
* Engine servicing
* Engine servicing


GECAS distributes recertified engine and aircraft parts through its Asset Management Services group. The company maintains an inventory of parts from Airbus, Boeing, Douglas and Bombardier aircraft that have been overhauled, repaired or modified and distributes these parts from warehouses in North America, Europe and Asia. <ref>{{cite web|url=https://www.gecas.com/en/parts/overview.html|title=Overview - Parts - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref>
GECAS distributes re-certified engine and aircraft parts through its Asset Management Services group. The company maintains an inventory of parts from Airbus, Boeing, Douglas and Bombardier aircraft that have been overhauled, repaired or modified, and distributes these parts from warehouses in North America, Europe and Asia. <ref>{{cite web|url=https://www.gecas.com/en/parts/overview.html|title=Overview - Parts - GECAS|website=www.gecas.com|accessdate=13 May 2017}}</ref>


GECAS also operates AviaSolutions, which provides aircraft consultancy services to airports, investors and financial institutions, governments and airlines. AviaSolutions advises clients on business development, route development, infrastructure planning, airline management, regulations, and various other projects. <ref>{{cite web|url=http://www.aviasolutions.com/who-we-are/|title=Air Cargo Management - Avia Solutions|publisher=|accessdate=13 May 2017}}</ref>
GECAS also operates AviaSolutions, which provides aircraft consultancy services to airports, investors and financial institutions, governments and airlines. AviaSolutions advises clients on business development, route development, infrastructure planning, airline management, regulations, and various other projects. <ref>{{cite web|url=http://www.aviasolutions.com/who-we-are/|title=Air Cargo Management - Avia Solutions|publisher=|accessdate=13 May 2017}}</ref>

Revision as of 21:54, 2 November 2017

GE Capital Aviation Services (GECAS)
Company typeSubsidiary
IndustryAviation leasing
Number of locations
Norwalk, Connecticut, United States
Shannon, County Clare, Ireland
Area served
Worldwide
Key people
Alec Burger
(President & CEO)
ProductsAviation leasing
Engine leasing
Aircraft parts
Total assets$46.1 Bn (2015)[1]
Number of employees
575+[2]
ParentGE Capital
Websitewww.gecas.com

GE Capital Aviation Services (GECAS) is an Irish–American commercial aviation financing and leasing company. It is the largest commercial airline leasing/financing company in the world by number of aircraft.[1] GECAS is a subsidiary of GE Capital, the finance arm of the large conglomerate, General Electric. The company offers many aviation finance services, including aircraft leasing, aircraft lending, engine leasing, asset management, and aircraft consulting. In terms of aircraft leasing, GECAS purchases aircraft from manufacturers such as Airbus and Boeing, and then leases them to airlines, typically for about eight years, and usually on dry lease contracts. GECAS also offers purchase leasebacks. The company has two global headquarters located in Shannon, County Clare and Norwalk, Connecticut. The company has over 575 employees and 26 offices throughout the world.

GECAS has a fleet of over 1,970 aircraft, used by 270 clients in over 75 countries.[2] GECAS' primary competitor is AerCap, although other companies such as Air Lease Corporation, Aviation Capital Group, BBAM and SMBC Aviation Capital are players in the aviation finance industry.

GE Aviation, another GE subsidiary, is part of the CFM International joint venture with Safran. Previously, GECAS had a policy of exclusively selecting GE engines for 99% of its airliners, and had only eight B757s with Pratt & Whitney or Rolls-Royce turbofans.[3] As the Airbus A350 XWB did not select GE engines, GECAS would not order it without airline placement.[4] But, the company finally leased the first A350 operated by Qatar Airlines to diversify assets and reduce risk.[5] GECAS also leases the Pratt & Whitney-powered Bombardier Q400 and ATR 72. GE/CFM supports Pratt & Whitney, Rolls-Royce and IAE engines.[6]

History

In 1967, GE Credit Corporation (GECC), now GE Capital, signed its first aviation lease with Allegheny Airlines. The deal leased 3 DC9-30's to the Pittsburgh-based operator. In 1981, GECC's Transportation & Industrial platform began to co-invest with U.K. lenders on aircraft leases. Two years later, GECC completed its first non-U.S. lease to Swiss Air. GECC purchased the California-based Polaris Aircraft Leasing Corporation in 1986.[7] With the purchase of Chemical Bank in 1989, GECC would begin to crucially expand its global presence.

GECAS was officially formed in 1993 to manage the assets bought from the Irish-based Guinness Peat Aviation, GECC Transportation & Industrial's Aviation Group, and Polaris Aircraft Leasing. By 1996, the company would own the world's largest leased fleet, and place its first speculative OEM order. In 1999, GECAS added engine leasing to its service offerings.

In 2000, GECAS would acquire PK AirFinance to offer aircraft lending. The same year, the company also moved into the regional jet and widebody space with its first order for Boeing 777s. In 2002, the company began freighter conversions to further maximize the life of its narrowbody assets.

The acquisition of The Memphis Group in 2006 added airframe parts to GECAS' service portfolio. GECAS also owns a minority stake in Oxford Aviation Academy retained when they sold 80% (before dilution) of GECAT to STAR Capital Partners in 2007.

In 2010, GECAS acquired AviaSolutions, offering aviation consulting as part of the company's services. In 2015, GECAS took over the Irish-based Milestone Aviation Group to add helicopters and rotary aircraft to its leasing portfolio.[8]

In 2016, GECAS was ranked as "World's Top Lessor" by AirFinance Journal and Airline Economics magazines.

Services

GECAS maintains a portfolio of narrowbody and widebody passenger aircraft, cargo aircraft, regional jets, and turboprop aircraft from manufacturers such as Airbus, Boeing, Embraer, Bombardier and ATR. Through its Milestone Aviation Group, GECAS also owns and leases AgustaWestland, Sikorsky and Airbus Eurocopter helicopters.[9] Customers finance these aircraft through the following GECAS offerings:[10]

  • Operating leases
  • Purchase leaseback agreements
  • Secured loans
  • Aircraft servicing

Additionally, GECAS buys, leases and finances aircraft engines from GE and CFM, as well as from manufacturers Rolls-Royce, Pratt & Whitney, IAE and Engine Alliance.[11] GECAS provides the following for its engine pool:[12]

  • Operating leases
  • Short-term leases
  • Purchase leaseback agreements
  • Secured loans
  • Engine exchange
  • Engine servicing

GECAS distributes re-certified engine and aircraft parts through its Asset Management Services group. The company maintains an inventory of parts from Airbus, Boeing, Douglas and Bombardier aircraft that have been overhauled, repaired or modified, and distributes these parts from warehouses in North America, Europe and Asia. [13]

GECAS also operates AviaSolutions, which provides aircraft consultancy services to airports, investors and financial institutions, governments and airlines. AviaSolutions advises clients on business development, route development, infrastructure planning, airline management, regulations, and various other projects. [14]

References

  1. ^ a b "The Leasing Top 50 2015" (PDF). AirFinance Journal. 1 November 2015.
  2. ^ a b "at a glance" (PDF). GECAS. 27 Jan 2017.
  3. ^ Barry Hawk (2001). International Antitrust Law & Policy. Fordham Corporate Law. p. 223.
  4. ^ Max Kingsley-Jones (22 Jun 2007). "GECAS rejects Airbus A350 XWB; no progress on GE power". Flight International.
  5. ^ Tim Hepher (Jan 16, 2015). "Exclusive: GE finances first A350 powered by rival Rolls-Royce". Reuters.
  6. ^ "Overview" (PDF). GECAS. December 2016.
  7. ^ "GECAS - Twenty Years at the Top" (PDF). Retrieved 13 May 2017.
  8. ^ "Gecas Moves Into Helicopter Leasing with Milestone Takeover".
  9. ^ "Portfolio - Fleet Solutions - GECAS". www.gecas.com. Retrieved 13 May 2017.
  10. ^ "Financing Solutions - GECAS". www.gecas.com. Retrieved 13 May 2017.
  11. ^ "Portfolio - Engines - GECAS". www.gecas.com. Retrieved 13 May 2017.
  12. ^ "Overview - Engines - GECAS". www.gecas.com. Retrieved 13 May 2017.
  13. ^ "Overview - Parts - GECAS". www.gecas.com. Retrieved 13 May 2017.
  14. ^ "Air Cargo Management - Avia Solutions". Retrieved 13 May 2017.
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