FTAI Aviation Acquires Full Ownership Stake in QuickTurn

Rhea-AI Summary

FTAI Aviation Ltd. (NASDAQ: FTAI) has acquired Unical Aviation Inc.'s 50% interest in QuickTurn Engine Center, giving FTAI full ownership. This acquisition is expected to enhance FTAI's integration over The Module Factory™ products and services, strengthening its ability to produce, service, and test CFM56-7B/5B engines. QuickTurn's commitment to industry-leading turnaround times aligns with FTAI's engine module maintenance strategy. The company's CEO, Joe Adams, expressed gratitude to Unical for the partnership and highlighted the opportunity to meet the rising demand for module products. QuickTurn's Vice President, Chris Nagle, also expressed excitement to support FTAI's growing pipeline of CFM56 engine maintenance and expects to become an industry leader in performing module swaps and light engine repairs.

Positive

• FTAI Aviation Ltd. has strengthened its position by acquiring full ownership of QuickTurn Engine Center, enhancing its integration over The Module Factory™ products and services.
• The acquisition is expected to meet the rising demand for module products by FTAI's customers, allowing the company to become an industry leader in performing module swaps and light engine repairs.

Negative

• None.

NEW YORK and MIAMI, Dec. 01, 2023 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. (NASDAQ: FTAI) announced its full ownership stake in QuickTurn Engine Center (“QuickTurn”) following its acquisition of Unical Aviation Inc.’s 50% interest.

Owning 100% of QuickTurn is expected to give FTAI tighter integration over the development and delivery of The Module Factory™ products and services. QuickTurn’s commitment to delivering industry-leading turnaround times aligns seamlessly with FTAI's engine module maintenance strategy and further strengthens FTAI’s ability to produce, service and test CFM56-7B/5B engines.

“We extend our thanks to Unical for a year of invaluable partnership. Acquiring complete ownership of QuickTurn allows us to meet the rising demand for module products by our customers,” said Joe Adams, CEO of FTAI. “We are excited to make QuickTurn our shop for module swaps.”

“We are excited to support FTAI’s growing pipeline of CFM56 engine maintenance with our additional capacity,” said Chris Nagle, Vice President of Commercial and Business Development at QuickTurn. “With the significant growth of module maintenance this year, we expect to become an industry leader in performing module swaps and light engine repairs.”

About FTAI Aviation Ltd.

FTAI owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI’s propriety portfolio of products, including The Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.

Cautionary Note Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the anticipated benefits related to the QuickTurn acquisition, expectations regarding QuickTurn’s mission and increased number of future shop visits and related turnaround times, expectations regarding QuickTurn complementing FTAI existing assets and aligning with and strengthening FTAI’s strategy, expectations regarding rising demand for module swap products, and the ability to grow QuickTurn’s capacity. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to FTAI. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this communication are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements, including, but not limited to, the risk factors set forth in Item 1A. “Risk Factors” of FTAI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and FTAI’s Quarterly Reports on Form 10-Q, as updated by annual, quarterly and other reports FTAI files with the SEC.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
aandreini@fortress.com

FAQ

What is the ticker symbol for FTAI Aviation Ltd.?

The ticker symbol for FTAI Aviation Ltd. is FTAI on the NASDAQ stock exchange.

What is the significance of FTAI acquiring full ownership of QuickTurn Engine Center?

FTAI's acquisition of full ownership of QuickTurn enhances its integration over The Module Factory™ products and services, strengthening its ability to produce, service, and test CFM56-7B/5B engines, meeting the rising demand for module products by its customers.

What is QuickTurn Engine Center's commitment that aligns with FTAI's strategy?

QuickTurn's commitment to industry-leading turnaround times aligns with FTAI's engine module maintenance strategy, further strengthening FTAI's position in the industry.

What is the expectation from QuickTurn's additional capacity?

QuickTurn's additional capacity is expected to support FTAI's growing pipeline of CFM56 engine maintenance, allowing QuickTurn to become an industry leader in performing module swaps and light engine repairs.