ST Aerospace, Marubeni to form engine leasing company

ST Aerospace, Marubeni to form engine leasing company
By Jonathan Peeris | Posted: 20 June 2011 2218 hrs

SINGAPORE : ST Engineering's aerospace arm has partnered Japan's Marubeni Corporation to form an engine leasing company in Singapore.

The new joint venture company, called Total Engine Asset Management, will be equally owned by ST Aerospace and Marubeni and commence operations in the second half of this year.

The firm's initial engine leasing portfolio will include engines that mainly power narrow-body aircraft such as the Airbus A320 and Boeing 737.

The joint venture firm plans to invest about US$100 million worth of assets within the first two years, with an equity injection of up to US$40 million.

In a joint statement, the firms said the new joint venture will leverage on ST Aerospace's expertise in total engine support, alongside Marubeni's extensive experience in financing and marketing knowledge, to bring value added solutions to customers worldwide.

- CNA/ms

- wong chee tat :)