Benzinga | Nov 2, 2021 11:11AM EDT

AerCap Reports Joint Venture With Safran For Shannon Engine Support, No Terms Disclosed

AerCap Holdings N.V. ("AerCap") (NYSE:AER) has announced that following its acquisition of the GE Capital Aviation Services business ("GECAS"), it has signed a 20-year joint venture agreement with Safran Aircraft Engines ("Safran") 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.

Aengus Kelly, CEO of AerCap, 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."

Jean-Paul Alary, CEO of Safran Aircraft Engines, said, "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."