BEIJING - Wednesday, October 31st 2012 [ME NewsWire]
(BUSINESS WIRE)--Air China and GA Telesis have concluded their agreement to form the world’s largest China-based integrated commercial aerospace services provider. During an elaborate, and very well attended ceremony in Beijing, the companies signed all documents including their partnership agreement, to form GA Innovation China or Beijing Ji-An, Ltd. ("Beijing Ji-An, GAIC or the Company”) a 50/50 joint venture based in Beijing. The joint-venture will be the first China based integrated aircraft trader/lessor of used aircraft and will also introduce a full-scale aircraft disassembly and redistribution business covering the entire Asian market.
The new world class enterprise will commence full-scale operations from Beijing Capital International Airport. Beijing Ji-An will focus on providing financial solutions for airlines in China and Asia that have an increasing need for fleet decommissioning activities. The Company will also provide top-quality used-serviceable components to the Asian market, while also acting as China’s first integrated asset management company that has aircraft disassembly capabilities.
"This partnership is very important to Air China as it reflects our commitment to developing new strategies for fleet asset management and cost reductions, which will lead to our continued profitability,” said Cai Jian Jiang, President of Air China Ltd. This type of innovation is very important not only to Air China, but all airlines in China and Asia,” he added.
"We are excited to be a first mover in the Chinese market with such a prestigious partner as Air China," said Abdol Moabery, President and CEO of GA Telesis. "The innovations that Beijing Ji-An will bring to the Asian markets will lead to financially focused solutions to help airlines manage their operating expenses and their balance sheet exposure to aviation assets,” he added. We expect the Company to become the preeminent authority in these areas and to make a materially positive impact on the Chinese and Asian commercial aerospace markets,” he concluded.
Air China is China’s exclusive national flag carrier for civil aviation, a member of the Star Alliance, the world’s largest airline alliance, and it was the official airline partner of the 2008 Beijing Olympic Games. It ranks first among domestic airline brands (evaluated by the World Brand Laboratory as having a brand value of RMB 47.856 billion or USD 7.52 billion in 2011) and it is leading ahead of its domestic competitors in passenger and freight air transport and related services. As of December 31, 2011, Air China (including holding companies) owns 432 Boeing and Airbus aircraft, with an average age of 6.77 years; operates a total of 282 passenger flight routes, including 71 international routes, 14 regional routes, and 197 domestic routes covering 30 countries and regions worldwide connecting 143 cities, including 43 international cities, 96 domestic cities and four regions. In cooperation with Star Alliance member airlines, its service network is further extended to 1,160 destinations in 181 countries.
GA Telesis is one of the world's largest providers of products, financial services and supply-chain solutions to the aerospace industry. A global leader, GA Telesis provides structured financial services to the global aviation investment community and airlines while it also has extensive aerospace replacement component sales, distribution and maintenance operations throughout the United States, Canada, the United Kingdom and China. GA Telesis provides asset management services specializing in commercial aircraft and jet engine leasing and trading with over USD $1 billion in assets under management. GA Telesis is uniquely positioned to provide its products and services directly to its customers from the Americas, Europe and Asia.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50459800&lang=en
Image 1:Air China and GA Telesis Sign Landmark Joint Venture FRONT ROW, FROM LEFT SIGNING: WANG MING YUAN, VICE PRESIDENT - AIR CHINA, ABDOL MOABERY, PRESIDENT & CEO - GA TELESIS BACK ROW, FROM LEFT: ZHANG YANG, ASSISTANT PRESIDENT - AIR CHINA, ROBERT KORN, PRESIDENT - APOLLO AVIAITON MANAGEMENT LTD. , FAN CHENG, PARTY SECRETARY & CFO - AIR CHINA, ANDREW TOUTT, CHIEF COMMERCIAL OFFICER - GA TELESIS, MR. SUN YU DE, VICE PRESIDENT - CHINA NATIONAL AVIATION HOLDING COMPANY, MARK FABIAN, SR. VICE PREISDENT - GA TELESIS, ALEX TUTTLE, VICE PRESIDENT - GA TELESIS, PANG XIN, VICE GENERAL MANAGER PLANNING - CHINA NATIONAL AVIATION HOLDING COMPANY, JIA JING HAN, VICE GERNAL MANAGER OF GENERAL OFFICE - CHINA NATIONAL AVIATION HOLDING COMPANY. (Photo: Business Wire)
Beth Ginzberg, 954-676-3111, ext. 2108