ST Aerospace and Marubeni Corporation (Marubeni) have concluded joint venture (JV) discussions to form an engine leasing company in Singapore. The new JV company, Total Engine Asset Management Pte Ltd (TEAM), will be equally owned (50:50) by ST Aerospace and Marubeni.
Jointly managed by ST Aerospace and Marubeni, TEAM’s initial engine leasing portfolio will include the CFM56-3, CFM56-5B and CFM56-7B engines that mainly power narrow-body aircraft such as the Airbus A320 and Boeing 737. The JV plans to invest approximately $100 million (about S$123.2m) worth of assets within the first two years, with equity injection of up to $40million (about S$49.3m). TEAM is expected to commence operations in the second half of 2011.
