SINGAPORE: ST Aero/Marubeni form engine leasing JV

ST Aerospace and Marubeni Corporation have formed a joint venture engine leasing company in Singapore. The new JV company, Total Engine Asset Management Pte Ltd (TEAM), will be equally owned (50:50) by ST Aerospace and Marubeni. Jointly managed by the two, TEAM’s initial engine leasing portfolio will include the CFM56-3, CFM56-5B and CFM56-7B engines that […]


ST Aerospace and Marubeni Corporation have formed a joint venture engine leasing company in Singapore. The new JV company, Total Engine Asset Management Pte Ltd (TEAM), will be equally owned (50:50) by ST Aerospace and Marubeni. Jointly managed by the two, TEAM’s initial engine leasing portfolio will include the CFM56-3, CFM56-5B and CFM56-7B engines that mainly power narrow-body aircraft such as the Airbus A320 and Boeing 737. The JV plans to invest approximately US$100 million worth of assets within the first two years, with equity injection of up to US$40 million. TEAM is expected to commence operations in the second half of 2011. Japan-based Marubeni Corporation is a diversified conglomerate involved in a wide range of businesses.