SAUSALITO, Calif., Oct. 17, 2007 (PRIME NEWSWIRE) -- Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today announced that Alaska Airlines (NYSE:ALK) has joined the North American engine sharing agreement previously established with American Airlines (NYSE:AMR), Southwest Airlines (NYSE:LUV) and WestJet (TSX:WJA) covering CFM56-7B engines used to power Boeing 737 Next Generation aircraft. The North American pool, now with the addition of Alaska Airlines, represents over 500 aircraft to be serviced by the pool.
"The addition of Alaska Airlines to the North American engine sharing program further demonstrates the appeal of this program for airlines seeking to efficiently manage assets," said Charles F. Willis, President and CEO. "We are delighted to welcome Alaska Airlines into the pooling program."
Alaska Airlines began studying the benefits of the Willis Lease engine pooling in the summer of 2006, joined the program in September 2007 and immediately leased an engine through this program.
"Pool membership is an effective tool to help us hold down spare engine costs while providing nationwide emergency support," said Chris Shams, Manager-Engine Vendor Maintenance Programs for Alaska Airlines. "Willis has been a good supplier of spare engines to Alaska over the years, and this new pooling program is a welcome advancement in engine support," said Fred Mohr Alaska's V.P. Maintenance.
"By better utilizing each pool member's spare CFM56-7B engines, we can collectively improve spare engine productivity by as much as 30% to 50%. Additionally, we anticipate that availability of spare engines will be equal to or better than any single member working independently," said Dave Tegeler, V.P. North America for Willis Lease. "As the CFM engines mature, we expect demand for spares to increase substantially over the next few years."
About Willis Lease. Willis Lease Finance Corporation leases spare commercial aircraft engines, parts, and aircraft to commercial airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.