LONDON, November 18, 2010 — GE Capital Aviation Services Ltd. (GECAS), the commercial aircraft leasing and financing arm of GE, today announced delivery of the first of 11 converted Boeing 737F freighters to international cargo carrier TNT Airways to replace its existing B737 fleet.
The 11 aircraft – nine Boeing 737-400s and two 737-300s – will be converted by Israel Aircraft Industries (IAI) at their conversion centers in China and Israel, and will be delivered to the airline over the next 18 months.
“We are delighted to expand our freighter conversion program with our longstanding customer TNT Airways,” said Richard Greener, senior vice president, specialty markets for GECAS. “We can help TNT meet their fleet optimization needs and extend the life of select aircraft types in our portfolio.”
TNT currently leases 10 converted freighters from GECAS. The air carrier plans to use the aircraft to increase the capacity of its European operations. TNT Airways has been a GECAS customer since 2003.
Niky Terzakis, TNT Global Air Network Managing Director said: “We are very pleased to be entering into another agreement with GECAS for the replacement of our B737 fleet. Our companies are both focused on providing excellent service and reliability. We know we have found an excellent business partner to support our mission of being the fastest and most reliable express delivery supplier and offer our customers the highest levels of service that are unique to our company.”
GECAS started its cargo program in 2001 with the conversion of 15 passenger 737s from its current portfolio to freighter and quick-change configuration. Since then, GECAS has placed 36 converted 737Fs with freight carriers. Today, GECAS leases a total of 91 freighter aircraft -- including Boeing 747Fs, 767Fs, 777Fs and MD-11Fs – with 31 operators worldwide.
TNT provides businesses and consumers worldwide with an extensive range of services for their mail and express delivery needs. Headquartered in the Netherlands, TNT offers efficient network infrastructure in Europe and Asia and keeps optimizing its global network performance. TNT serves more than 200 countries and employs about 160,000 people. TNT Airways operates a fleet of 44 aircraft. More information about TNT can be found on its website http://group.tnt.com
GECAS, the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,800 owned and managed aircraft with approximately 245 airlines in over 75 countries. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 23 cities around the world.
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.
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