Willis Lease Finance and Mitsui & Co. form joint venture for jet engine leasing

Willis Lease Finance has entered into a joint venture agreement with Mitsui & Co., a major Japanese trading company, to acquire and lease IAE V2500-A5 and General Electric CF34-10E jet engines. IAE V2500 engines are used on the Airbus A320 family of aircraft and CF34-10E engines are used on the Embraer E190 and E195 aircraft. Willis Lease and Mitsui will each own 50% of the new joint venture. The new company, named Willis Mitsui & Co Engine Support Ltd., will be an Irish corporation with offices in Dublin. Initially the joint venture plans to acquire approximately $150 million in assets. Willis Lease will provide the initial lease portfolio by selling seven V2500 engines to the joint venture by the third quarter of 2011.

“We are delighted to partner with Mitsui and believe the joint venture will have a number of competitive advantages in the engine leasing market,” said Charles F. Willis, President and CEO. “Our deep knowledge of the jet engine leasing market and Mitsui’s equity capital contribution, ability to provide attractive financing and its global network will be a powerful combination.”

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