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AVIATION - AIRBUS ORDER FROM CIT
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CIT orders spur Airbus to new heights
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BY OUR AVIATION CORRESPONDENT
19th August, 2005: Commercial and consumer finance solutions provider CIT Group has placed orders for 29 aircraft with European aircraft maker Airbus.
CIT became a new client of Airbus A350-800 model by placing orders for five aircraft apart from a repeat order for 24 A320 aircraft. Analysts put the deal at more than $2 billion, based on list prices.
Airbus said the delivery of A320 aircraft will begin in 2007. The newly-designed A350s will be delivered to the firm only in 2012, the European aircraft maker said in a release.
With the CIT order, Airbus orders for A350 aircraft has climbed to 130. CIT is Airbus’ eighth customer for this model.
A350 can fly up to a maximum range of 8,800 nautical miles, Airbus said in the release.
CIT Aerospace President Jeffrey Knittel said the Airbus A350 was chosen after extensive analysis “because it will offer airlines new standards in performance and economics, together with unmatched passenger appeal".
New York-based CIT plans to lease the planes to international aircraft carriers who are keen to exploit the opening up and resultant boom in aviation industry in the middle east and Asia.
As per International Air Transport Association (IATA) figures passenger traffic in these regions recorded phenomenal growth compared to the supposedly more affluent Europe and North America, where growth was marginal.
With this order, CIT's Airbus aircraft line-up increases to more than 100 aircraft. This makes the consumer finance solutions provider one of Airbus’ largest leasing company clients.
CIT fleet includes Airbus A319s, A320s, A321s and A330s.
Airbus CEO Gustav Humbert said CIT's repeat order indicates the strong demand for the best-selling A320 Family.
The distinct features of A350 aircraft include advanced weight-saving materials and fuel-saving new-generation engines.
Airbus A320 Family now has more than 3,600 orders, including 200 customers and operators. Airbus is a joint venture between EADS and BAE Systems.
BY OUR AVIATION CORRESPONDENT
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