Aviation Capital Orders $6B Worth of Boeing JetsWednesday, January 2, 2013
Newport Beach-based aircraft leasing company Aviation Capital Group Corp. has placed a $6 billion order with Boeing Co. for 60 aircraft across two types of its new 737 Max model.
Aviation Capital is a subsidiary of Pacific Life Insurance Co. in Newport Beach. It has a fleet of 240 planes and leases to about 90 airlines in 40 countries.
Aviation Capital’s 2011 revenue totaled $655 million, making up about 10% of the parent company’s overall revenue. The subsidiary saw more than $100 million in net income in 2011.
Pacific Life estimates Aviation Capital will account for about 11% of its 2012 revenues.
Boeing’s 737 Max is billed as the most fuel-efficient model made by the Chicago-based aerospace and defense company. The first batch is expected for delivery in 2017.