CIT orders Pratt & Whitney PurePower PW1100G-JM engines for Airbus A320neo aircraft

NEW YORK, 27 July 2012. CIT Group Inc. (NYSE:CIT) signed a definitive agreement for 60 PurePower PW1100G engines from Pratt & Whitney, a division of United Technologies Corp. (NYSE:UTX), for its order of Airbus A320neo family aircraft. Each CIT Aerospace Pratt & Whitney-powered neo family aircraft will be powered by two PurePower PW1100G-JM engines. Deliveries are scheduled to start in 2016.

"Our customers tell us they want aircraft that help them dramatically reduce operating costs," says Jeff Knittel, president of Transportation Finance at CIT. "The fuel-efficient PurePower engines satisfy this customer demand while expanding the CIT portfolio with advanced technology."

"CIT is one of the leading leasing companies in commercial aviation and we are very proud that they chose to invest in the new PurePower engine family," said Todd Kallman, Pratt & Whitney Commercial Engines president. "With fuel now accounting for around 40 percent of an airline's operating expenses, PurePower engines can save CIT customers approximately $1 million per aircraft per year in fuel costs alone."

CIT Aerospace owns or finances a fleet of more than 325 commercial aircraft and serves approximately 115 customers in 55 countries.