CIT Aerospace Orders Ten More Airbus Single-Aisle Aircraft

Released on Thursday, September 04, 2008

CIT Group Inc. (NYSE CIT), a leading global commercial finance company, has signed a firm contract with Airbus for a further ten A320 Family aircraft. With this order, the total number of aircraft in the Airbus order book for the CIT Group now stands at 199 aircraft, comprising 157 A320 Family aircraft, 30 A330s, seven A350s and five A319s for executive & private use. Of these 100 have been delivered so far.

This repeat order underlines the continued anticipated high demand for A320 Family aircraft on the leasing market.

"We are pleased to announce this follow-on order for 10 new A320 family aircraft," said Tony Diaz, Executive Vice President of CIT Aerospace, Commercial Airlines at CIT. "This new order will help us meet customer demand for younger, more fuel efficient aircraft."

John Leahy, Airbus Chief Operating Officer Customers, said: "We are delighted that an important leasing company such as CIT has again chosen to place repeat orders with Airbus. This order confirms the important role that leasing companies have in the aviation industry, particularly in the current market situation. It is also a re-affirmation of the continued success of our A320 Family, allowing CIT to offer the most modern and efficient single aisle aircraft on the market today."

The A320 Family, which includes the A318, A319, A320 and A321, is recognized as the benchmark single-aisle aircraft family. Each aircraft features fly by wire controls and all share a unique cockpit and operational commonality across the range. Around 6,300 Airbus A320 Family aircraft have been sold and more than 3,500 delivered to some 280 customers and operators worldwide, making it the worlds best selling commercial jetliner ever. With proven reliability and extended servicing periods, the A320 Family has the lowest operating costs of any single aisle aircraft. Uniquely, the A320 Family offers a containerized cargo system, which is compatible with the world wide standard wide-body system.