Rolls-Royce secures double Trent order from CIT Aerospace

Tuesday, 3 April 2007

Rolls-Royce has signed a deal for two versions of the Trent engine family with CIT Aerospace, a unit of CIT Group Inc. (NYSE: CIT), and a leading global provider of commercial and consumer finance solutions. CIT Aerospace is purchasing the Trent 700 to power four firm and seven option Airbus A330s, and the Trent 1000 for two firm Boeing 787s on order and options to equip three additional 787s.

The contract is potentially worth up to $560 million at list prices.

The deal for the Trent 700s includes an order for engines to power two A330s that have been placed by CIT Aerospace with the Hainan Airlines Group of China, as announced in August 2006.

To date CIT Aerospace has taken delivery of eight Trent 700 powered A330s, leased to Edelweiss, Etihad, JMC, and Iberworld.

Mark King, Chief Commercial Officer, Civil Large Engines at Rolls-Royce, said: “CIT is an established and valued customer and we welcome this opportunity to expand our business partnership with them. We view this double order from CIT as an endorsement of the Trent product line, and our strategy of optimising each type of Trent for its respective aircraft. Through constant development and the use of innovative technologies, each Trent engine is tailored for its specific aircraft application. This results in high performance engines with class-leading economics that are also engineered to minimise environmental impact.”

Jeff Knittel, President, CIT Aerospace, added: “The Trent has proven to be a reliable engine family combining high performance and low operating costs. More than 50 percent of airline customers that lease an A330 have chosen the Trent 700. Their inclusion in our portfolio enhances our product offering to customers.”

  1. The Trent 1000 is the launch engine on all variants of the Boeing 787. ANA will begin operating the 787-8 in mid-2008 and will also introduce the short-range 787–3 variant in 2010. Air New Zealand will launch the 787–9 into service, also in 2010. It offers a range of thrusts from 53,200-75,000lb.
  2. Along with this selection, firm and option orders have been placed for a total of 179 Trent 1000-powered Boeing 787s by ANA, Air New Zealand, Icelandair, LOT Polish Airlines, Northwest Airlines, Blue Panorama, Air China, Monarch and leasing companies ILFC, LCAL, Pegasus and two VIP operators.
  3. The Trent 700 is the market leader on the A330 with a 41 per cent share of orders and 34 customers and operators. It was the first Rolls-Royce Trent to enter service in March 1995 and is the most powerful engine for the A330, with a maximum in-service thrust of 72,000lb.
  4. Rolls-Royce is working hard to improve the environmental impact of our products and spends more than £1 million a day on research and development of new technologies and products. The primary technology investment area is aimed at reducing noise and emissions. Rolls-Royce has achieved dramatic improvements since the 1960s and is confident of continuing to make significant progress.
  5. CIT Aerospace, a unit of CIT Group Inc. (NYSE: CIT), provides financing solutions to a broad spectrum of the global aerospace value chain ranging from operators of commercial and business aircraft to manufacturers and suppliers in the aerospace and defense industries as well as financial institutions.

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