Press release
FTAI Aviation Acquires Full Ownership Stake in QuickTurn
NEW YORK and MIAMI, Dec. 01, 2023 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) announced its full ownership stake in QuickTurn Engine Center
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK and MIAMI, Dec. 01, 2023 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) announced its full ownership stake in QuickTurn Engine Center (“QuickTurn”) following its acquisition of Unical Aviation Inc.’s 50% interest. Owning 100% of QuickTurn is expected to give FTAI tighter integration over the development and delivery of The Module Factory™ products and services. QuickTurn’s commitment to delivering industry-leading turnaround times aligns seamlessly with FTAI's engine module maintenance strategy and further strengthens FTAI’s ability to produce, service and test CFM56-7B/5B engines. “We extend our thanks to Unical for a year of invaluable partnership. Acquiring complete ownership of QuickTurn allows us to meet the rising demand for module products by our customers,” said Joe Adams, CEO of FTAI. “We are excited to make QuickTurn our shop for module swaps.” “We are excited to support FTAI’s growing pipeline of CFM56 engine maintenance with our additional capacity,” said Chris Nagle, Vice President of Commercial and Business Development at QuickTurn. “With the significant growth of module maintenance this year, we expect to become an industry leader in performing module swaps and light engine repairs.” About FTAI Aviation Ltd. FTAI owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI’s propriety portfolio of products, including The Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation. Cautionary Note Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the anticipated benefits related to the QuickTurn acquisition, expectations regarding QuickTurn’s mission and increased number of future shop visits and related turnaround times, expectations regarding QuickTurn complementing FTAI existing assets and aligning with and strengthening FTAI’s ...