Atlas Air Worldwide Dry-Leasing Subsidiary Titan Aviation Acquires Boeing 777 Freighter Aircraft on Long-Term Lease to AeroLogic
Monday, March 11, 2013 --
Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating solutions, today announced the acquisition of a Boeing 777 Freighter by its dry-leasing subsidiary, Titan Aviation. The aircraft is currently on long-term lease to AeroLogic GmbH, a cargo airline based in Germany and a joint venture of DHL Express and Lufthansa Cargo AG.
“With the purchase of this 777 freighter, we gain entry into an attractive aircraft type consistent with our strategy of investing in new technology that creates superior value for our customers,” said William J. Flynn, President and Chief Executive Officer, Atlas Air Worldwide.
“This deal represents an important part of our plan to grow Titan's dry-leasing platform through selective investments in aircraft with existing leases that support leading operators in the airfreight industry. While Titan is principally a cargo aircraft dry lessor, its portfolio includes passenger narrow-body aircraft, engines and related equipment. It also provides customers expertise in asset management, passenger-to-freighter conversion, and other technical services.”
Norddeutsche Landesbank Girozentrale (NORD/LB), a leading aircraft financier based in Hanover, Germany, provided financing for the 2010 vintage aircraft.
AeroLogic GmbH was founded in September 2007 with headquarters in Schkeuditz/Leipzig, Germany. The AeroLogic fleet is composed of eight Boeing 777Fs.
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