Willis Lease Finance Corporation (NASDAQ: WLFC) ("Willis Lease") announced that it purchased twenty-five PW1100G-JM and PW1500G GTF™aircraft engines from Pratt & Whitney, a division of Raytheon Technologies Corp. (NYSE: RTX), and an affiliate company in December 2020. The transaction also includes a long-term maintenance and support agreement with Pratt & Whitney and an affiliate company, enabling Willis Lease to offer engines maintained to the highest quality standard through Pratt & Whitney’s GTF MRO network. The engines, together with associated maintenance, are valued at over $400 million.
“We have seen the trend continuing for airlines to demand engines on a ‘just in time’ basis. The bulk purchase of the GTF™ engines provides us the foundation for the scale required to deliver these engines through our ConstantAccess™ programs,” said Austin C. Willis, SVP of Corporate Development at Willis Lease.
“Willis Lease has demonstrated over many decades the technical and asset management capabilities required to deliver engines to our customers when needed, offering them additional options for spare engine support,” said Rick Deurloo, Chief Commercial Officer, Pratt & Whitney.