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COCONUT CREEK, Fla., March 19, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its subsidiary, Willis Engine Repair Center® (“WERC®”), entered into an agreement with independent MRO (Maintenance, Repair and Overhaul) provider Global Engine Maintenance (“GEM”) to create a joint venture named Willis Global Engine Testing (“WGET”) to build an engine test cell facility in West Palm Beach, Florida.
The new joint venture brings together WLFC’s decades of industry experience with GEM’s specialization in offering full CFM56 engine overhauls to address the significant shortage of engine test cell facilities in North America.
“The market currently lacks adequate testing capacity, hindering lessors and operators from efficiently returning engines to service. Through this investment in our services business, we expect to improve turnaround times of customer shop visits for WLFC, GEM, and third-party customers,” said Austin C. Willis, Chief Executive Officer of WLFC. “This joint venture with a proven engine MRO provider efficiently shares each partner’s expertise to mitigate risk and accelerate market entry.”
“This joint venture marks a significant milestone for GEM as we continue expanding our capabilities, elevating our presence in the global engine MRO market to better serve our customers and the broader aviation market. Willis Lease Finance Corporation is a globally recognized leader in aircraft engine leasing, asset management, and services known for its innovative solutions and deep industry expertise. By partnering with WLFC, we are combining our deep expertise in CFM56 MRO with their extensive leasing and asset management solutions to deliver a streamlined, high-quality engine testing experience,” said Dominic Raja, Vice Chairman and President of GEM.”
The facility will initially service CFM56-5B and CFM56-7B engines with the ability to service newer generation engine types in the future. The joint venture plans to break ground on the site in late 2025.
About Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.