Published on November 3rd, 2021 | by Alan Dwyer0
AerCap and Safran Sign Joint Venture Agreement for Shannon Engine Support
AerCap has announced that following its acquisition of the GECAS business, it has signed a 20-year joint venture agreement with Safran Aircraft Engines regarding Shannon Engine Support (SES). SES, the leading provider of spare engines for CFM International, is now a 50/50 joint company between AerCap and Safran. SES, the world’s largest lessor of CFM56 and LEAP engines, will continue to provide lease engine support to CFM and CFM operators.
CFM International was a 50/50 joint company between Safran Aircraft Engines and GE. Safran has a global presence, with 76,000 employees and sales of €16.5billion in 2020. Shannon Engine Support is the world’s largest lessor of CFM56 and LEAP engines, with the largest portfolio strategically located worldwide. SES offers airlines assurance to help them find the right solution to suit their requirements. Based in Shannon, with marketing offices in Beijing, China and Budapest, SES has a portfolio of more than 350 CFM56 and LEAP spare engines, including CFM56-5B, CFM56-7B, LEAP-1A and LEAP-1B engines.
Commenting on the deal, the CEO of AerCap, Aengus Kelly said, “The SES business is a great fit within the AerCap portfolio, with similar expertise, common assets and a complementary customer base to our wholly-owned engine leasing business. This partnership extends our longstanding relationship with Safran, one of the world’s leading aviation companies. We look forward to working with the team at Safran to drive continued success at SES.”
Also commenting was the CEO of Safran Aircraft Engines, Jean-Paul Alary who added, “The SES joint venture with AerCap is a key asset of supporting our CFM operators, especially as the CFM56 and the LEAP engines continue to achieve strong success in the marketplace. Having AerCap, the largest aviation lessor, as a strategic partner significantly adds to our customer offering.”