herald

Monday 23 October 2017

Aircraft leasing firm's €1bn deal

aviation

Dublin-based aircraft leasing firm Avolon has signed a deal to buy six Boeing Dreamliners with a list price of $1.5bn (€1.1bn).

The company, which is headed by entrepreneur Domhnal Slattery, made the announcement as one of the world's biggest aerospace shows got under way in Farnborough, near London.

The order for the 787 Dreamliners comes on top of an existing order that Avolon has for 20 Boeing 737 MAX aircraft. It brings the total number of aircraft in Avolon's owned, managed and committed fleet to 207.

The company, which is currently plotting a stock market flotation in New York, has 116 owned aircraft in its fleet, 12 that it manages and 79 on order.

Among the aircraft it has on order are 15 Boeing 737-800s and 20 Airbus A320neo.

"Our investment strategy is focused on building a portfolio of young, modern and fuel-efficient commercial aircraft," said Mr Slattery.

"This order for six Boeing 787-9 aircraft, when combined with our ongoing sale and leaseback investments in the 787 family, reflects our commitment to our customers to have a product offering built around the latest aircraft available in the market."

He added that Boeing's 737 family of aircraft had proved "hugely popular" with airlines, investors and financiers. He said that increasing Avolon's commitment to the 737 MAX reflects the company's confidence in the asset and customer requirements.

The Farnborough airshow is the world's biggest such event.

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