CIT signs firm order for 50 A320neo aircraft

CIT signs firm order for 50 A320neo aircraft

Top leasing companies continue to favour A320neo

10 August 2011 Press Release

CIT Aerospace, a unit of CIT Group Inc. (NYSE: CIT), a global leader in transportation finance has signed a purchase agreement with Airbus for the 50 A320neo family aircraft, which it had committed to at the 49th Le Bourget airshow on 21st June 2011.

This deal brings the total number of Airbus aircraft ordered by CIT since 1999 to 237 comprising 191 A320 Family aircraft (including the 50 A320neo aircraft), 41 A330s, five A350 XWBs of which 144 have been delivered so far.

“This A320neo order with Airbus allows CIT Aerospace to continue to add young and technologically-advanced aircraft to our portfolio, enabling us to provide the modern, fuel efficient aircraft that our customers demand,” said C. Jeffrey Knittel, President of Transportation Finance at CIT.

“This latest order from CIT underscores the leasing market’s continuing strong appetite for modern, fuel efficient and reliable aircraft”, said John Leahy, Airbus Chief Operating Officer, Customers. “In the short to medium haul segment, the A320neo family with 15 percent lower fuel consumption, is not only good for business but also for the environment”.

Close to 7,700 A320 Family aircraft have already been ordered and more than 4,700 delivered to more than 330 customers and operators worldwide reaffirming its position as the world’s best-selling single-aisle aircraft family. The A320neo has over 95 percent airframe commonality making it an easy fit into existing fleets while offering up to 500 nautical miles (950 kilometres) more range or two tonnes more payload at a given range.

The A320neo is a new engine option for the A320 Family entering into service from 2015 and incorporates latest generation engines and large "Sharklet" wing tip devices, which together will deliver 15 percent in fuel savings. This reduction in fuel burn is equivalent to 1.4 million litres of fuel – the consumption of 1,000 mid size cars.  This saves 3,600 tonnes of C02 per aircraft per year, the amount of C02 absorbed by 240,000 mature trees. The A320neo NOx emissions are 50% below CAEP/6 and this aircraft also has considerably a smaller noise footprint.