 | |
| Formerly | GE Capital Aviation Services |
|---|---|
| Industry | Aviation finance and lease |
| Fate | Acquired by AerCap in November 2021 |
| Successor | AerCap |
| Headquarters | Shannon, County Clare & Norwalk, Connecticut, United States |
Number of locations | 23 offices (2019) |
Number of employees | 575 (2018) |
| Parent | GE Capital |
| Website | www.gecas.aero |
GECAS (GE Capital Aviation Services) was an Irish–American commercial aviation financing and leasing company. AerCap acquired the company from GE Capital on November 1, 2021.[1]
GECAS was the largest commercial airline leasing/financing company in the world by number of aircraft.[2] The company offered many aviation finance services, including aircraft leasing, aircraft lending, engine leasing, asset management, and aircraft consulting. In terms of aircraft leasing, GECAS purchased aircraft from manufacturers such as Airbus and Boeing, and then leased them to airlines, typically for about eight years, and usually on dry lease contracts. GECAS also offered purchase leasebacks. The company had two global headquarters in Shannon, Ireland, and Norwalk, Connecticut. The company had over 575 employees and 26 offices throughout the world.
GECAS had a fleet of over 1,970 aircraft, operated by 270 clients in over 75 countries.[3] GECAS' primary competitor was AerCap, with other competitors including Air Lease Corporation, Aviation Capital Group, BBAM and SMBC Aviation Capital.
GE Aviation, another GE subsidiary, was 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 Boeing 757s with Pratt & Whitney or Rolls-Royce turbofans.[4] As the Airbus A350 XWB did not select GE engines, GECAS would not order it without airline placement.[5] However, the company finally leased the first A350 operated by Qatar Airways to diversify assets and reduce risk.[6] GECAS also leases the Pratt & Whitney-powered Bombardier Q400 and ATR 72. GE/CFM supports Pratt & Whitney, Rolls-Royce and IAE engines.[7]
- ^ "AerCap Completes Acquisition of GE Capital Aviation Services from GE". Yahoo! Finance. 1 November 2021.
- ^ "The Leasing Top 50 2015" (PDF). AirFinance Journal. 1 November 2015. Archived from the original (PDF) on 4 August 2016. Retrieved 19 April 2017.
- ^ "at a glance" (PDF). GECAS. 27 January 2017. Archived from the original (PDF) on 24 February 2017. Retrieved 19 April 2017.
- ^ Barry Hawk, ed. (2001). International Antitrust Law & Policy. Fordham Corporate Law. p. 223. ISBN 978-1-57823-269-7.
- ^ Max Kingsley-Jones (22 June 2007). "GECAS rejects Airbus A350 XWB; no progress on GE power". Flight International.
- ^ Tim Hepher (16 January 2015). "Exclusive: GE finances first A350 powered by rival Rolls-Royce". Reuters.
- ^ "Overview" (PDF). GECAS. December 2016. Archived from the original (PDF) on 7 November 2017. Retrieved 19 April 2017.