Willis Lease Finance Corporation and China Aviation Supplies Import & Export Corporation (CASC), have announced the launch of CASC Willis Engine Lease Company, which will be known as CASC Willis.
CASC Willis will be based in Shanghai, and will concentrate on the demand for leased aircraft engines in China.
Li Hai, president and CEO of China Aviation Supplies Holding Company (the parent company of CASC), said: “Willis Lease has been a long-time leader in engine leasing and MRO operations in China. Combined with CASC’s industry expertise and strong relationships, we believe this joint venture has a very promising future.
“Based on industry forecasts and conservative assumptions, we believe the size of the spare engine market in China over the next five years will reach approximately US$2 billion, and we expect that CASC Willis will be well-positioned to capture a sizable portion of that business.”
Charles F. Willis, chairman and CEO of Willis Lease, said: “We have been active in China for nearly twenty years. We leased our first engine in China in 1997 to Shanghai Airlines and since that time both the Chinese market and our customer base have grown significantly. In order to take full advantage of the growth potential in the Chinese market, we felt we needed to find a strong and experienced partner in CASC.”
CASC Willis will be established within the China (Shanghai) Pilot Free-Trade Zone (“SFTZ”).
The formation of the joint venture company is subject to approvals from the boards and the Chinese government.