Press release
FTAI Aviation Ltd. and LATAM Airlines Group S.A. Engineer Perpetual Power Program
NEW YORK and SANTIAGO, Chile, April 25, 2024 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) announces the successful execution of a Perpetual Power
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK and SANTIAGO, Chile, April 25, 2024 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) announces the successful execution of a Perpetual Power Agreement with LATAM Airlines Group S.A. (LATAM). The agreement provides LATAM with a comprehensive engine power solution comprising both CFM56 and V2500 engines, leveraging FTAI’s expertise in Maintain, Repair and Exchange (MRE), through an engine exchange program and a sale and lease transaction for over 30 aircraft. This program is designed to offer LATAM cost savings and flexibility by avoiding shop visits through engine exchanges, enhancing operational efficiency and reducing maintenance downtime for LATAM’s fleet. David Moreno, Senior Executive at FTAI Aviation, stated, “This agreement with LATAM underscores FTAI’s ability to collaborate on customer-focused solutions. Our goal is to offer LATAM maximum flexibility as they decide on aircraft retirements or additions, leveraging on our expertise on CFM and V2500 engines.” Sebastian Acuto, VP Fleet & Projects at LATAM highlighted, “Our new partnership with FTAI grants LATAM with increased flexibility to extend the current fleet, allowing for a better and faster response to the recent capacity disruptions that the industry has witnessed on newer technology aircraft.” About FTAI Aviation Ltd. FTAI owns and maintains commercial jet engines with a focus on CFM56 and V2500 engines. FTAI’s propriety portfolio of products, including The Module Factory and a JV to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and MRO 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. About LATAM Airlines Group S.A. LATAM Airlines Group S.A. and its subsidiaries (LATAM Group) are the leading airline group in Latin America, with presence in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador, Paraguay, and Peru, in addition to international operations within Latin America and to Europe, Oceania, Africa, the United States and the Caribbean. The LATAM Group has a fleet of Boeing 767, 777, 787 model aircraft and Airbus A321, A321neo, A320, A3...