Willis Aviation Services Limited and TUI Airways Forge Transformative Long-Term Base Maintenance Partnership
Willis Aviation Services (WASL), a subsidiary of Willis Lease Finance (NASDAQ: WLFC), has secured a long-term General Terms Agreement with TUI Airways for base maintenance services on TUI's narrowbody aircraft fleet. The partnership will initially focus on two Boeing 737NG maintenance checks at WASL's facility at Teesside International Airport in Northeastern England.
The collaboration aims to provide comprehensive MRO solutions while supporting local economic development through job creation in the UK aerospace industry. WASL will leverage its specialized knowledge to conduct thorough base maintenance services for TUI's aircraft.
Willis Aviation Services (WASL), una filiale di Willis Lease Finance (NASDAQ: WLFC), ha ottenuto un accordo a lungo termine di termini generali con TUI Airways per i servizi di manutenzione di base sulla flotta di aeromobili a fusoliera stretta di TUI. La partnership si concentrerà inizialmente su due controlli di manutenzione Boeing 737NG presso la struttura di WASL all'Aeroporto Internazionale di Teesside nel nord-est dell'Inghilterra.
La collaborazione mira a fornire soluzioni MRO complete, sostenendo allo stesso tempo lo sviluppo economico locale attraverso la creazione di posti di lavoro nell'industria aerospaziale del Regno Unito. WASL sfrutterà la sua conoscenza specializzata per eseguire servizi di manutenzione di base approfonditi per gli aeromobili di TUI.
Willis Aviation Services (WASL), una subsidiaria de Willis Lease Finance (NASDAQ: WLFC), ha conseguido un contrato a largo plazo de términos generales con TUI Airways para servicios de mantenimiento básico en la flota de aviones de fuselaje estrecho de TUI. La colaboración se centrará inicialmente en dos revisiones de mantenimiento del Boeing 737NG en la instalación de WASL en el Aeropuerto Internacional de Teesside, en el noreste de Inglaterra.
La asociación tiene como objetivo proporcionar soluciones MRO integrales mientras apoya el desarrollo económico local mediante la creación de empleo en la industria aeroespacial del Reino Unido. WASL aprovechará su conocimiento especializado para llevar a cabo un mantenimiento de base exhaustivo para los aviones de TUI.
윌리스 항공 서비스(WASL), 윌리스 리스 파이낸스(NASDAQ: WLFC)의 자회사는 TUI 항공과 협력하여 TUI의 협소 바디 항공기 플릿에 대한 기반 유지 보수 서비스에 대한 장기 일반 조건 계약을 체결했습니다. 파트너십은 처음에 영국 북동부의 티시드 국제공항에 위치한 WASL 시설에서 두 대의 보잉 737NG 정비 점검에 초점을 맞출 것입니다.
이번 협력의 목표는 포괄적인 MRO 솔루션을 제공하는 동시에 영국 항공우주 산업에서 일자리 창출을 통해 지역 경제 개발을 지원하는 것입니다. WASL은 TUI 항공기의 철저한 기반 유지 보수 서비스를 수행하기 위해 전문 지식을 활용할 것입니다.
Willis Aviation Services (WASL), une filiale de Willis Lease Finance (NASDAQ: WLFC), a obtenu un accord-cadre à long terme avec TUI Airways pour des services de maintenance de base sur la flotte d'avions monocouloir de TUI. Le partenariat se concentrera initialement sur deux vérifications de maintenance du Boeing 737NG dans les installations de WASL à l'aéroport international de Teesside, dans le nord-est de l'Angleterre.
Cette collaboration vise à fournir des solutions MRO complètes tout en soutenant le développement économique local par la création d'emplois dans l'industrie aérospatiale britannique. WASL mettra à profit son expertise spécialisée pour effectuer des services de maintenance de base approfondis pour les avions de TUI.
Willis Aviation Services (WASL), eine Tochtergesellschaft von Willis Lease Finance (NASDAQ: WLFC), hat einen langfristigen Rahmenvertrag mit TUI Airways über Basiswartungsdienste für die schmalrumpfige Flugzeugflotte von TUI gesichert. Die Partnerschaft wird sich zunächst auf zwei Wartungsüberprüfungen des Boeing 737NG an der Einrichtung von WASL am Teesside International Airport im Nordosten Englands konzentrieren.
Die Zusammenarbeit zielt darauf ab, umfassende MRO-Lösungen bereitzustellen und gleichzeitig die lokale wirtschaftliche Entwicklung durch die Schaffung von Arbeitsplätzen in der britischen Luft- und Raumfahrtindustrie zu unterstützen. WASL wird sein Fachwissen nutzen, um gründliche Basiswartungsdienste für die Flugzeuge von TUI durchzuführen.
- Secured long-term maintenance agreement with major airline TUI Airways
- Expansion of MRO service operations at Teesside International Airport facility
- Creation of skilled job opportunities in UK aerospace industry
- None.
Insights
This strategic partnership marks a significant development for WLFC's MRO division, potentially establishing a stable, long-term revenue stream in the competitive aviation maintenance sector. The agreement with TUI Airways, one of Europe's major airlines, validates WASL's technical capabilities and could serve as a springboard for securing additional high-profile contracts.
The timing is particularly strategic as the commercial aviation sector continues to experience increased maintenance demands post-pandemic, with many airlines seeking reliable MRO partners to handle their growing maintenance backlogs. The focus on narrowbody aircraft, specifically the Boeing 737NG, is noteworthy as these aircraft represent the backbone of many airline fleets and typically maintain strong residual values.
From a business perspective, this agreement offers several key advantages:
- Predictable Revenue Stream: Long-term maintenance contracts typically provide stable, recurring revenue with higher margins compared to traditional engine leasing
- Facility Utilization: The partnership will optimize capacity utilization at WASL's Teesside facility, potentially improving operational efficiency and profitability
- Market Positioning: Securing TUI as a client enhances WASL's credibility in the competitive UK MRO market
- Vertical Integration: Strengthens WLFC's full-service aviation solutions strategy, complementing its core engine leasing business
The partnership's economic impact extends beyond direct revenue, as it supports job creation in the UK aerospace sector and could lead to additional opportunities in the European market. For investors, this represents a positive development in WLFC's diversification strategy, potentially reducing revenue volatility and enhancing long-term growth prospects.
Driving Progress and Excellence: A New Era of Aviation Maintenance Collaboration
COCONUT CREEK, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announces its subsidiary, Willis Aviation Services Limited (“WASL”), a leading aircraft maintenance, repair and overhaul (“MRO”) provider, has entered into a long-term General Terms Agreement with TUI Airways (“TUI”) to provide long-term base maintenance on TUI’s narrowbody aircraft, starting with two Boeing 737NG maintenance checks. Utilizing its specialized knowledge, WASL will conduct comprehensive base maintenance services for TUI at its expanding facility located at Teesside International Airport in Northeastern England.
“We are thrilled to collaborate with TUI Airways, a highly regarded airline recognized for its customer-centric approach and operational excellence. This partnership underscores our dedication to providing top-tier MRO solutions, supporting TUI’s fleet, and contributing to local economic growth by creating skilled job opportunities within the UK aerospace industry,” said Austin C. Willis, Chief Executive Officer of WLFC.
Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
| CONTACT: | Lynn Mailliard Kohler |
| Director, Global Corporate Communications | |
| (415) 328-4798 | |
FAQ
What is the scope of the maintenance agreement between WLFC and TUI Airways?
Where will WLFC perform the maintenance services for TUI Airways?
What type of aircraft will be serviced under the WLFC-TUI Airways agreement?
How will the WLFC-TUI Airways partnership impact the UK aerospace industry?
