Sumitomo Trust Venture, Unit Order 52 Boeing, Airbus Planes
May 19, 2011
TOKYO -- Sumitomo Trust & Banking Co. said Friday its aircraft leasing subsidiary and a joint venture ordered 52 planes from Boeing Co. and Airbus Industrie for about $4.2 billion. The subsidiary, Boullioun Aviation Services, bought 12 planes for about $520 million, while Singapore Aircraft Leasing bought the remaining planes, a Sumitomo Trust Bank spokesman said. The Sumitomo order covers 28 planes from Seattle-based Boeing, including several of its new 777s, and 24 planes from Europe's Airbus, the spokesman said. The two companies plan to lease the planes to European and Asian airlines. Boullioun Aviation owns 50% of Singapore Aircraft Leasing. The other 50% is owned by Singapore Airlines. The disclosure of the orders comes after a week of dueling for business -- and bragging rights -- at the industry's Farnborough International 2011 air show. On Monday, Boeing announced orders for 68 airliners valued at $6.3 billion. Airbus on Tuesday countered with an announcement that it had it won firm orders for 32 planes valued at about $2.4 billion, including $1.1 billion for 11 A300-600 aircraft to be used as cargo jets by Federal Express Corp.. Boeing then came back with an order of $1.18 billion from Philippine Airlines. Meanwhile, McDonnell Douglas Corp. said it won orders and purchase options from Lufthansa German Airlines AG for as many as 12 cargoversions of its larger MD-11 jetliners, in an agreement with a potential value of $1.3 billion.
