CIT Aerospace Selects IAE V2500 Engine to Power 15 A320s

Released on Wednesday, July 16, 2008

Today at the Farnborough International Airshow, IAE International Aero Engines announced that CIT Aerospace, a unit of CIT, has placed a new order for the V2500 engine to power 15 Airbus A320-family aircraft in a deal worth around $250 million at list prices. With this order, CIT's combined portfolio and order book include 88 A320-family aircraft powered by the V2500 engine.

"We continue to see high demand from our customers for A320 Family aircraft powered by V2500 engines," said Tony Diaz, Executive Vice President, CIT Aerospace, Commercial Airlines. "We are pleased to partner with IAE to deliver environmentally sound and fuel efficient solutions to our customers. "

IAE President & CEO Jon Beatty said: "This additional order from a leading lessor such as CIT is a great vote of confidence in the V2500. As the technology leader on the A320 family, the V2500 offers best-in-class performance on fuel burn, emissions and cost of ownership. CIT understands that these are the key issues facing airlines today and the value that IAE can provide in the current market."

The 22,000-33,000lb of thrust V2500 is available in seven different thrust settings to power the Airbus A319, A320 and A321 family of aircraft as well as the A319 Corporate Jet. More than 5,000 V2500 engines are in service or on firm order.