MTU teams up with Sumitomo for engine leasing
MTU Maintenance, the world’s largest independent maintenance provider for commercial aircraft engines, and Japan-based Sumitomo Corporation, one of the largest trading companies worldwide, have created two new joint venture companies to jointly expand their business with the leasing of commercial aircraft engines.
MTU Maintenance Lease Services B.V., an 80:20 joint venture between MTU Maintenance and Sumitomo Corporation, is based in Amsterdam, The Netherlands and will provide airlines, MROs and lessors with short- and medium-term lease solutions. Sumisho Aero Engine Lease B.V., a 90:10 joint venture between Sumitomo Corporation and MTU Aero Engines, the parent company of MTU Maintenance and Germany’s leading engine manufacturer, will focus on long-term lease solutions for its customers. The company is also based in Amsterdam. The joint ventures are still subject to the approval of the applicable competition authorities.
“Both joint ventures with Sumitomo Corporation combine our expertise as high-class engine MRO provider with Sumitomo’s excellent market position in the lease business,” said Dr. Stefan Weingartner, President Commercial Maintenance at MTU Aero Engines. “The increased demand for engine leasing calls for an expansion of our existing lease business, and I am proud that we are partnering with a global leader on this future project. I am very confident that we will be able to benefit from each other’s competence immensely.”
“Sumitomo Corporation has been working closely with MTU Maintenance in promoting their MRO business in Japan for many years, and we see the establishment of the two new engine leasing joint ventures as a natural progression of our excellent partnership,” said Masao Tabuchi, Executive Officer and General Manager, Ship, Aerospace & Transportation Systems Division at Sumitomo Corporation. “This platform gives us new options in expanding our leasing business and we are confident that this cooperation will benefit both companies”.