Boeing, CIT Aerospace Reach Agreement for 787 Dreamliners

SEATTLE, Oct. 26 /PRNewswire-FirstCall/ -- Boeing (NYSE: BA) and CIT Aerospace, a business unit of CIT Group, Inc., today announced the leasing company's order for five 787-8 Dreamliners.

Deliveries are scheduled to begin in 2012. The order was previously accounted for on Boeing's Orders and Deliveries web site and attributed to an unidentified customer.

CIT Group Inc., a leading global provider of commercial and consumer finance solutions, joins a growing number of airlines and lessors to order the all-new, advanced-technology airplane.

"Boeing is pleased that CIT Aerospace, with its market depth and experience, will bring the benefits of the 787 to a widening operator base," said John Feren, vice president of Sales, Boeing Commercial Airplanes. "CIT's commitment demonstrates the continued confidence of the financial community in the 787's state-of-the-art technology and breakthrough economics."

"With its broad market acceptance, the Boeing 787 has all the attributes of an ideal operating lease aircraft," said Jeff Knittel, president of CIT Aerospace. "We appreciate Boeing's efforts in structuring a deal that will bring the benefits of this leading technology aircraft to both CIT's customers and shareholders."

The 787 Dreamliner will use 20 percent less fuel than today's airplanes of comparable size, provide airlines with up to 45 percent more cargo revenue capacity and present passengers with ground-breaking innovations including an improved interior environment, wider seats and aisles, larger windows and other benefits. The 787's lightweight composite structure makes many of these advances possible.

The 787 Dreamliner has accumulated 455 orders and commitments from 36 airline and leasing customers around the world. Development of the 787 is on schedule for first flight in 2007 and entry into service in 2008.

CIT Aerospace provides financing solutions to a broad spectrum of the global aerospace value chain ranging from operators of commercial and business aircraft to manufacturers and suppliers in the aerospace, defense, and homeland security industries. CIT Aerospace manages a fleet of more than 300 commercial, regional and business aircraft leased and financed to over 100 airlines around the world.