Willis Aviation Services Limited and TUI Airways Forge Transformative Long-Term Base Maintenance Partnership
Rhea-AI Summary
Willis Aviation Services (WASL), a subsidiary of Willis Lease Finance (NASDAQ: WLFC), has secured a long-term General Terms Agreement with TUI Airways for base maintenance services on TUI's narrowbody aircraft fleet. The partnership will initially focus on two Boeing 737NG maintenance checks at WASL's facility at Teesside International Airport in Northeastern England.
The collaboration aims to provide comprehensive MRO solutions while supporting local economic development through job creation in the UK aerospace industry. WASL will leverage its specialized knowledge to conduct thorough base maintenance services for TUI's aircraft.
Positive
- Secured long-term maintenance agreement with major airline TUI Airways
- Expansion of MRO service operations at Teesside International Airport facility
- Creation of skilled job opportunities in UK aerospace industry
Negative
- None.
News Market Reaction
On the day this news was published, WLFC declined 3.92%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Driving Progress and Excellence: A New Era of Aviation Maintenance Collaboration
COCONUT CREEK, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announces its subsidiary, Willis Aviation Services Limited (“WASL”), a leading aircraft maintenance, repair and overhaul (“MRO”) provider, has entered into a long-term General Terms Agreement with TUI Airways (“TUI”) to provide long-term base maintenance on TUI’s narrowbody aircraft, starting with two Boeing 737NG maintenance checks. Utilizing its specialized knowledge, WASL will conduct comprehensive base maintenance services for TUI at its expanding facility located at Teesside International Airport in Northeastern England.
“We are thrilled to collaborate with TUI Airways, a highly regarded airline recognized for its customer-centric approach and operational excellence. This partnership underscores our dedication to providing top-tier MRO solutions, supporting TUI’s fleet, and contributing to local economic growth by creating skilled job opportunities within the UK aerospace industry,” said Austin C. Willis, Chief Executive Officer of WLFC.
Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
| CONTACT: | Lynn Mailliard Kohler |
| Director, Global Corporate Communications | |
| (415) 328-4798 | |
FAQ
What is the scope of the maintenance agreement between WLFC and TUI Airways?
Where will WLFC perform the maintenance services for TUI Airways?
What type of aircraft will be serviced under the WLFC-TUI Airways agreement?
How will the WLFC-TUI Airways partnership impact the UK aerospace industry?
