ALAFCO signs $300 million GEnx deal

The GEnx engines for the firm 12 A350s are valued at more than $300 million. Under the terms of the agreement, delivery of the aircraft, a combination of A350-800 and A350-900 models, is scheduled to begin in 2012.

Based in Kuwait, ALAFCO is a growing aviation lease and finance company with customers in Asia, the Middle East, and Europe.

"Establishing a growing relationship with the General Electric Company is important to us," said Ahmad Alzabin, Chairman and CEO of ALAFCO Lease and Finance Company. "GE brings to us both technical and global market expertise."

"We are pleased to have ALAFCO as a new engine customer," said David Calhoun, President and CEO of GE Transportation. "We look forward to a long-term working relationship. The GEnx will bring excellent economic performance to the ALAFCO A350 fleet."

The GEnx is part of GE's "ecomagination" product portfolio - GE's commitment to develop new, cost-effective technologies that will enhance customers' environmental and operating performance.

Based on the architecture of the renowned GE90, the GEnx is the next-generation of engine technology to succeed GE's highly successful CF6, the best-selling engine family for wide-body aircraft. Compared to the CF6 family, the GEnx will improve specific fuel consumption by 15 percent.

The GEnx is the world's only jet engine with a front fan case and fan blades made of composites for greater durability and weight reduction. It will operate with 18 fan blades (50 percent fewer than the CF6) at noise levels lower than any large GE commercial engine. The GEnx features a new combustor for efficient fuel mixing before ignition, resulting in significantly lower NOx levels. The first full GEnx engine will go to test in 2006, with engine certification scheduled for 2007.