AMSTERDAM, Netherlands and MIAMI, April 1, 2008 /PRNewswire-FirstCall/ -- AerCap Holdings N.V. (NYSE:AER) announced today that its subsidiary AeroTurbine, Inc. entered into a component purchase and sale agreement and a component lease agreement with British Airways, whereby AeroTurbine will purchase British Airways' entire stock of wheels and brakes for the Boeing 737, 757, 767, 777, and 747-400 and will lease the same back to British Airways for a period of between six years and ten years, in line with British Airways' fleet renewal plans.
AeroTurbine has agreed to allow British Airways to position the wheel and brake stock at various locations around the world to support British Airways' day to day flight operations and manage the ongoing maintenance of the equipment in line with British Airways' normal high maintenance standards.
AeroTurbine's President, Michael King commented: "The signing of this agreement represents a major milestone for our company. Closing a contract with a strategic partner like British Airways further demonstrates our position as a primary supplier in the aftermarket parts arena. We are obviously delighted to be selected as a key vendor to British Airways and look forward to further enhancing this relationship in the coming years."
About AerCap and AeroTurbine
AerCap is an integrated global aviation company with a leading market position in aircraft and engine leasing, trading and parts sales. AeroTurbine is a subsidiary of AerCap focusing on engine leasing and trading, airframe and engine disassembly, part sales and MRO services.
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Source: AerCap Holdings N.V.