Willis Lease Finance (WLFC) Announces $363.9M Deal with Pratt & Whitney

Willis Lease Finance Corporation (NASDAQ: WLFC) has finalized a deal with Pratt & Whitney, a division of RTX Corporation (NYSE: RTX), for the purchase and leaseback of up to fifteen Pratt & Whitney PW1100G-JM GTF aircraft engines. The transaction is valued at $363.9 million, based on Pratt & Whitney's list prices for the year 2024.

Pratt & Whitney's GTF engine offers up to 17% lower fuel consumption, is certified for operation on 50% sustainable aviation fuel (SAF), and has been successfully tested on 100% SAF. This marks Willis Lease Finance Corporation's continued support for Pratt & Whitney and their customers with another innovative transaction, following the completion of a purchase and leaseback transaction of 25 GTF engines with Pratt & Whitney in early 2021.

Willis Lease Finance Corporation's CEO, Austin C. Willis, expressed the company's commitment to decarbonizing commercial aviation in line with their SAF initiative. The company is integrating strategically aligned aftermarket service offerings, growing its portfolio, and investing in more environmentally friendly engines.

The company is set to discuss this effort and its performance in the second quarter earnings call in early August. Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units, and aircraft to airlines, aircraft engine manufacturers, and maintenance, repair, and overhaul providers worldwide. Their leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center, Jet Centre by Willis, and Willis Aviation Services Limited, the company's service offerings include part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services. As a result of these announcements, the company's shares have moved 7.5% on the market, and are now trading at a price of $63.11. Check out the company's full 8-K submission here.

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