FARNBOROUGH, England and NEW YORK, July 20 /PRNewswire-FirstCall/ --
CIT Group Inc. (NYSE: CIT), a leading global provider of commercial and
consumer finance solutions, today announced that CIT Aerospace, a business
unit of CIT, signed a purchase agreement with aircraft manufacturer Airbus
for new aircraft.
Under the terms of the agreement, CIT will acquire five additional
A330- 200 twin-engine wide body aircraft. CIT also exercised options to
purchase an additional four A320 Family single-aisle aircraft. The total
dollar value of the aircraft order is approximately $1 billion, based on
Airbus' current list prices.
Rick Wolfert, CIT's vice chairman for Commercial Finance, said, "We are
very pleased to expand our relationship with Airbus and increase the A320
and A330 family of airplanes in our fleet. This new order of Airbus
aircraft allows us meet the needs of our global customers, and
significantly enhances the value of the CIT Aerospace portfolio."
Christian Streiff, Airbus president and CEO, said, "We are pleased to
see CIT, a leading aircraft leasing company and valued Airbus customer,
place repeat orders both for our long-range aircraft and for the A320
Family. This is a further proof of the confidence of the financial sector
in Airbus products."
Jeff Knittel, president of CIT Aerospace, said, "We are very pleased to
place this order with Airbus as it highlights CIT's ability to offer a full
range of aircraft to our clients. These aircraft remain extremely popular
in the marketplace and will add to our growing portfolio."
Airbus is an EADS joint company with BAE Systems.
About CIT Aerospace
CIT Aerospace provides financing solutions to a broad spectrum of the
global value aerospace chain ranging from operators of commercial and
business aircraft to manufacturers and suppliers in the aerospace and
defense industries as well as financial institutions. CIT aerospace manages
a fleet of more than 280 commercial, regional and business aircraft leased
and financed to over 100 airlines around the world.
About CIT
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance
company, provides clients with financing and leasing products and advisory
services. Founded in 1908, CIT has $68 billion in managed assets and
possesses the financial resources, industry expertise and product knowledge
to serve the needs of clients across approximately 30 industries worldwide.
CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading
positions in vendor financing, factoring, equipment and transportation
financing, Small Business Administration loans, and asset-based lending.
With its global headquarters in New York City, CIT has more than 7,000
employees in locations throughout North America, Europe, Latin America, and
the Pacific Rim. http://www.CIT.com
CONTACT
MEDIA RELATIONS: INVESTOR RELATIONS:
C. Curtis Ritter Valerie L. Gerard
Director of External Communications Executive Vice President
& Media Relations (973) 422-3284
(212) 771-9603
Curt.Ritter@CIT.com
SOURCE CIT Group Inc.
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Related links:
http://www.cit.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media Relations - C. Curtis Ritter, Director
of External Communications & Media Relations, +1-212-771-9603,
Curt.Ritter@CIT.com; or Investor Relations - Valerie L. Gerard,
Executive Vice President, +1-973-422-3284
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