GE lands $8 billion in orders at Paris air show

MANILA, Philippines - With its unveiling of the fastest-selling large jet engine in GE history — the GEnx — and its strategic agreement with Mubadala Development Company, GE and its joint ventures, CFM and Engine Alliance, announced more than $8 billion in orders at the Paris Air Show held at Paris’ Le Bourget airport.

“Every two years, the global aviation industry arrives in Paris to showcase its leading edge technologies and develop the relationships which keep the world flying,” said John Rice, vice chairman of GE. “Our GEnx engine is proof that fuel-efficient, lower-emission innovation remains critical to aviation customers — and the GE/Mubadala agreement further emphasizes the growing global nature of the industry and world-class companies who are increasing their aerospace commitments.”

GE and its joint ventures, CFM International and Engine Alliance, announced 17 deals and partnerships totaling more than $8 billion. Highlights of these agreements include:

• Etihad Airways: The national airline of the United Arab Emirates has selected the GEnx-1B engine to power its new fleet of 35 Boeing 787-9 aircraft and 10 GE90-115Bpowered Boeing 777-300ER aircraft. The total value of both engine orders is worth $2.2 billion. Additionally, the airline holds options for 25 Boeing 787 aircraft and 10 Boeing 777-300ERs with purchase rights for a further 10 Boeing 787 and five Boeing 777-300ER aircraft.

• Mubadala Development Company: GE and Abu Dhabi’s Mubadala Development Company signed an extensive agreement that expands GE’s global network of engine maintenance, repair and overhaul providers in the Middle East and further advances Mubadala’s plans to build a global MRO network centered in Abu Dhabi.

• $5B in services, repair and overhaul contracts: GE and its joint ventures announced nine service agreements, including comprehensive OnPointSM solution agreements, valued at $5 billion with the following airlines: Etihad ($1.7B); WestJet ($850M); Delta Air Lines; Air Italy; Cebu Pacific ($100M); JAIR; LAN ($135M); and TAM ($345M).

• $3B in engine sales: In addition to the $2.2 billion GE engine order from Etihad, GE announced engine sales from across its product portfolio — including orders from CFM International and the Engine Alliance — with a list price value of more than $3 billion with the following airlines: Etihad (Engine Alliance, GE value $650MM); Air Nostrum; Cebu Pacific (CFM International, GE value $155MM); Air Austral (Engine Alliance,) Atlantic Airways (CFM International); and Aigle Azur (CFM International).