16 Dhu al-Hijjah 1445 - 23 June 2024
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Eye of Riyadh
Business & Money | Sunday 12 May, 2024 9:55 am |

Sanad announces strategic sale transaction with CFM Materials

Sanad, the global aerospace engineering and leasing solutions leader, wholly owned by Abu Dhabi's sovereign investor Mubadala Investment Company, unveiled a strategic transaction between Sanad and CFM Materials, the world's largest provider of used serviceable components for CFM International engines, during the International Society of Transport Aircraft Trading (ISTAT) Asia in Hong Kong.


The sale of two "CFM56-7B*" engines to CFM Materials underscores Sanad's strategic shift and proactive approach to strengthening its market position in the aviation industry.


This strategic agreement marks a pivotal milestone for the Sanad Leasing division's ongoing strategy, which was initiated last year with a renewed focus on monetising existing assets and leveraging the Sanad Leasing division to empower and enhance the Sanad MRO division.


Kashish Kohli, Group Chief Financial Officer and SVP Leasing Division at Sanad, said, "We are pleased to announce the successful sale of two CFM56 engines to CFM Materials. This transaction reaffirms our commitment to optimising our portfolio collaborating with industry leaders like CFM Materials."


This collaboration presents new opportunities for CFM Materials to support MRO networks, airlines, lessors, manufacturers, and other service providers worldwide. Adding two CFM56-7B engines to the CFM Materials portfolio enables them to meet increasing customer demand.


Rudy Bryce, President and CEO of CFM Materials, commented, "This agreement with Sanad strengthens our commitment to support our customers by expanding our lease pool and bolstering our position as a reliable partner to engine owners, operators and CFM56 engine shops around the world."


The Sanad Leasing division, a key pillar of Sanad's comprehensive offerings, is committed to providing integrated solutions that address the growth requirements of its partners. Currently, the Sanad Leasing division boasts a substantial portfolio exceeding US$700 million in assets, showcasing its robust capabilities and dedication to supporting the aviation industry's.


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