Bombardier Signs $1.3 Billion U.S. Deal With GECAS For
CRJ200s, CRJ700s And CRJ900s
JUNE 9, 2000
TORONTO, ONTARIO--Bombardier Aerospace has signed a purchase
agreement with GE Capital Aviation Services (GECAS) for the sale
of up to 150 CRJ* aircraft consisting of 50 firm aircraft orders
plus 100 options. The value of the firm aircraft orders is
estimated at up to $1.3 billion US ($1.96 billion Cdn.). When all
the options are executed, the total value will be $3.9 billion US
($5.87 billion Cdn.).
The sale to GECAS constitutes the first major order from an
operating lessor for Bombardier's world leading family of regional
jets. Under terms of the contract, GECAS will purchase a family
of 50 firm CRJ aircraft including 15 CRJ200s, 25 CRJ700s and 10
CRJ900s. The CRJ900 orders are subject to formal launch of that
program and are convertible to other CRJ variants.
Deliveries for the firm aircraft will begin in 2002 and stretch
through late 2006.
The contract provides model and delivery flexibility for GECAS.
"This order with Bombardier continues our strong commitment to
expand our portfolio of Canadair Regional Jets to better serve our
customers' needs in this growing market. In addition, this
acquisition is part of GE's continued efforts to source products
and services in Canada in support of GE's Industrial Benefits
Programs" said Henry A. Hubschman, president and chief executive
officer for GECAS. "In the past 18 months, GECAS has already
financed 28 CRJ deliveries to its customers and is confident that
the marketplace will react positively to this order."
"We are very proud of this milestone GECAS order. This builds
further on the strong foundation and long relationship between GE
and Bombardier," said Michael Graff, president and chief operating
officer, Bombardier Aerospace. "We believe that, with this order,
the global reach of the CRJ product line will be extended even
further with GECAS offering an operating lease product opportunity
for customers with a need for this kind of structure," he said.
GE Aircraft Engines, another GE division, supplies versions of its
CF34 powerplant to all current models of Bombardier's CRJ family
of regional jets.
"Today's commitments from GECAS bring total deliveries, orders and
options for the CRJ family to 1,400 aircraft," said Steven
Ridolfi, president, Bombardier Aerospace, Regional Aircraft.
"This order underscores the value of a family of regional jets
providing customers with optimal choice while maximizing the value
of product commonality for their operations."
Bombardier pioneered the regional jet concept when its original
50-seat version entered revenue service late in 1992. Since that
time, 400 50-passenger CRJs have been delivered to customers
worldwide. The company's new 70-passenger CRJ700 is set to
initiate commercial service during the first quarter of 2001.
Subject to formal launch, the CRJ900 would enter airline service
in the fourth quarter of 2002 - well ahead of any competition.
Bombardier's airliner family concept helps to reduce operating,
maintenance and spares costs to operators with mixed CRJ fleets
through commonality in flight crew and maintenance training as
well as substantial capital savings through parts and equipment
common to all members of the airliner family.
GECAS, a GE Capital company, owns and manages a fleet of 950
aircraft and provides services to 155 customers in 54 countries.
GECAS provides airlines with a full range of fleet and financing
solutions, including operating leases, sale/leasebacks, aircraft
purchase and trading, finance leases, engine/spare parts
financing, pilot training, fleet planning and financial advisory
services. GECAS is headquartered in Stamford, Connecticut, and
has offices in Miami, Hong Kong, Singapore, Beijing, Vienna and
Shannon, Ireland. GE Capital, a wholly owned subsidiary of
General Electric Company, is a global, diversified financial
services company. For more information, visit their website at
www.gecas.com.
Bombardier Aerospace, a unit of Bombardier Inc., is the leader in
business, regional and amphibious aircraft manufacturer. With full
design and production capabilities in three countries, it offers
the most comprehensive families of turboprop and regional jet
aircraft and the widest range of business jets. It also provides
the Flexjet fractional business aircraft ownership program,
technical services, aircraft maintenance and pilot training for
business, regional airline and military customers.
Bombardier Inc., a diversified manufacturing and service company,
is a world leading manufacturer of business jets, regional
aircraft, rail transportation equipment and motorized recreational
products. It is also a provider of financial services and asset
management. The Corporation employs 56,000 people in 12 countries
in North America, Europe and Asia, and more than 90 per cent of
its revenues are generated outside Canada. Bombardier's revenues
for its fiscal year ended Jan. 31, 2000, totalled $13.6 billion
Cdn.
* Trademark of Bombardier Inc.
Note to editors:
An image of Bombardier CRJ200, CRJ700 and CRJ900 aircraft can be
accessed at www.aero.bombardier.com/htmen/F14.htm |
