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General Electric : TAAG Signed GE's TrueChoice Overhaul Agreement for CFM56 Engines

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10/06/2017 | 03:13pm CEST

JOHANNESBURG, South Africa, Oct. 5 -- G.E. Aviation, a subsidiary of General Electric, issued the following news release:

TAAG Angola Airlines signed a five-year, TrueChoiceTM Overhaul agreement with GE Aviation for the maintenance, repair and overhaul of its CFM56-7B engines that power its five Boeing 737-700 aircraft. With this agreement, GE Aviation will be the service provider for all TAAG Angola's GE engines.

"For TAAG Angola Airlines to achieve its goal of becoming the most prominent and respected airline in Africa, it is essential to select partners that create respect and confidence from the industry to service the TAAG product," said Robert Bryant, Deputy COO Maintenance & Engineering, TAAG Angloa Airlines. "All engines on the TAAG fleet of Boeing 777 and 737 aircraft are TRUEngine* qualified in the GE and CFM programs. Therefore, it is a logical progression to ensure that they retain that status with this TrueChoice Overhaul agreement. The very competitive proposal received from GE for the CFM56 engines, adding to the existing GE90 agreement for engine shop visits, combines the accepted excellence of GE with a cost-effective total package for the next five years of TAAG development."

"This agreement demonstrates TAAG Angola Airlines continued confidence in GE Aviation's service offerings," said Jean Lydon-Rodgers, president and chief executive officer of GE Aviation's Services organization. "We thank TAAG for its trust in GE and our OEM quality material and workscope."

The TrueChoice suite of engine maintenance offerings incorporates an array of GE capabilities and customization across an engine's lifecycle. The TrueChoice suite includes:

* TrueChoice Flight Hour helps optimize cost of ownership over the engine lifecycle with flexible risk transfer and payment options.

* TrueChoice Overhaul provides time and material overhauls with tailored workscopes specific to shop visit objectives, economic priorities and ownership horizon for one engine or a fleet.

* TrueChoice Material offers high-quality new and used OEM parts, advanced repairs and technology upgrades to enhance engine performance and support higher engine residual value.

* TrueChoice Transitions includes a range of options for changing ownership horizons, such as green time leases, exchanges and material buy-back, plus customized workscopes with shorter builds and maximum used material. For lessors, GE offers products specifically designed to accommodate a change in owner or operator.

Each of the TrueChoice offerings is underpinned by GE Aviation's data and analytic capabilities and experience to help reduce maintenance burden and service disruptions for customers.

GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components, integrated digital, avionics, electrical power and mechanical systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings and is part of the world's Digital Industrial Company with software-defined machines and solutions that are connected, responsive and predictive.

TM TrueChoice is a trademark of General Electric Company.

*TRUEngine is a registered trademark of GE.

GE Aviation

GE Aviation is a world-leading provider of commercial, military and business and general aviation jet and turboprop engines and components as well as avionics, electrical power and mechanical systems for aircraft. GE has a global service network to support these offerings. GE and its customers are also working together to unlock new opportunities to grow and deliver more productivity beyond traditional services. GE Aviation is becoming a digital industrial business with its ability to harness large streams of data that are providing incredible insights and in turn, real operational value for customers.

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Financials ($)
Sales 2017 125 B
EBIT 2017 15 781 M
Net income 2017 11 579 M
Debt 2017 69 599 M
Yield 2017 4,15%
P/E ratio 2017 18,03
P/E ratio 2018 14,92
EV / Sales 2017 2,16x
EV / Sales 2018 1,92x
Capitalization 201 B
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John L. Flannery Chairman & Chief Executive Officer
Daniel Janki Treasurer & Senior VP-Global Operations
Jeffrey S. Bornstein Vice Chairman & Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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SIEMENS2.65%118 479