BOC Aviation has signed an agreement with International Aero Engines (“IAE”) for the firm order of 13 shipsets of V2500 engines to power A320 family aircraft ordered from Airbus.

The firm order brings the total number of V2500-powered aircraft that BOC Aviation has ordered from IAE to more than 110. BOC Aviation has had a relationship with IAE for more than a decade, giving customers reliable engines popular with airlines operating these aircraft types. 

Robert Martin, Managing Director & Chief Executive Officer of BOC Aviation, said: “This new order for V2500 engines demonstrates the confidence BOC Aviation and our customers have in the operating economics of this fuel-efficient workhorse. The A320 family has been the backbone of our fleet since 1998 and we are pleased that our longstanding relationship with IAE provides a sound solution for this popular type of aircraft among our customers.”

“BOC Aviation’s order underscores the operational advantages of the V2500 engines for the A320 family, which benefits airlines in terms of operational profit margins and fuel efficiency,” said IAE President Jon Beatty. “The V2500 has demonstrated its reliability over the last 15 years.”

IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. To date, more than 5,700 engines have been delivered and nearly 1,600 more engines are on order with close to 200 customers around the world.

 BOC Aviation is the leading Asia-based aircraft leasing company with a portfolio of 222 owned and managed aircraft operated by airlines worldwide and another 82 aircraft on firm order. The Company has one of the youngest fleets in the industry with aircraft averaging less than four years of age. 

BOC Aviation is 100% owned by Bank of China, one of the largest banks in the world by market value. The Company has passed its first US$1 billion in cumulative net profits under Bank of China. It is on target to reach $10 billion in total assets this year. BOC Aviation will be celebrating its 20th anniversary this year.