Released on Tuesday, June 21, 2011
Copa Airlines Signs OnPoint Solution Agreement for CF34-10E Engines
--LE BOURGET -- Copa Airlines has signed a 12-year OnPointSM solution agreement for the maintenance, repair and overhaul of its CF34-10E engines that power its 26 EMBRAER E190 aircraft operated by the airline and Copa Airlines Colombia, both subsidiaries of Copa Holdings. The OnPoint solution agreement is valued at close to $250 million (USD) over the life of the contract.
"Copa Airlines and GE have a long-standing relationship, with GE serving as the airline's MRO providers for its CFM56* engine fleet," said Paul McElhinney, president and chief executive officer of GE Aviation's Services operation. "GE is proud that Copa Airlines selected us to provide full MRO services for its CF34 engine fleet, and we look forward to providing them with the highest quality workscope to keep their engines performing well in the field."
Ahmad Zamany, vice president of Technical Operations at Copa said, "I am pleased to have reached this important agreement with GE, which provides Copa with more certainty in terms of its engine related costs."
Operating from its Hub of the Americas at Tocumen International Airport in Panama City, Copa Airlines offers the most international flights and destinations within Latin America of any hub on the continent and expects to increase capacity by approximately 20 percent in 2011. By the end of 2011, Copa will serve 57 destinations in 28 countries. The airline's expansion plans also include the delivery of 23 new aircraft in the next two years.
OnPoint solutions are customized service agreements tailored to the operational and financial needs of each customer for any size fleet. These agreements are designed to help lower the customers' cost of ownership and maximize the use of their assets. Backed by GE's global support network, OnPoint services may include overhaul, on wing support, new and used-serviceable parts, component repair, technology upgrades, engine leasing, integrated systems support and diagnostics and integrated systems.
GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings.
Sales & Contracts
GE - General Electric
MRO - Maintenance, Repair and Overhaul
USD - United States Dollar