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HONG KONG, Oct 22, 2015 - (ACN Newswire) - In the afternoon of 21 October (London time), as witnessed by the President of the Peoples' Republic of China, Xi Jinping and the Prime Minister of the United Kingdom David Cameron, HNA Group's Chairman of the Board Chen Feng and Rolls-Royce Holdings Plc ("Rolls-Royce") Chief Executive Officer Warren East have signed a civil aircraft engine and maintenance service agreement. HNA Group's new wide-body aircraft are to be powered by Rolls-Royce's engines and maintenance services worth USD2.4 billion. The collaborative project is likely to set a record value for the cooperation between HNA Group and Rolls-Royce. HNA Group is to set to become one of the world's largest companies operating an A330 aircraft fleet maintained and powered by Rolls-Royce's engines.
HNA Group and Rolls-Royce have maintained a good long-term cooperation in the aviation segment. HNA Group's wide-body aircraft, regional aircraft and business jets have Rolls-Royce engines installed. Among the 61 wide-body aircraft (including cargo aircraft) currently operated by HNA Group, more than half are powered by the Rolls-Royce TRENT700 engine. After HNA Group's new wide-body aircraft order has completed delivery, the proportion is expected to further rise. Moreover, more than 70 regional aircraft and business jets operated by HNA Group also have Rolls-Royce's engines installed.
The British-based Rolls-Royce Group is a world-renowned manufacturer of power systems and energy equipment. Its technology is widely used in the field of aviation, waterborne vessels and energy generation. In the field of civil aviation, Rolls-Royce has a wide range of engines and manufactures engines to power different models of wide-body aircraft, regional aircraft and business jets. In 2014, Rolls-Royce Group recorded a total operating income of GBP14.588 billion. The civil aircraft business generated an operating income of GBP6.837 billion in 2014, accounting for around 46.87% of the Group's total turnover.
HNA Group is a globalised conglomerate giant with core businesses spanning across aviation, holdings, capital, tourism and logistics, with total assets of nearly RMB500 billion and controlling shareholdings of 10 listed companies. In July 2015, HNA Group was ranked in the Fortune Global 500 for the first time, at No. 464 with annual revenue of approximately USD25.6 billion.
As at February 2015, the aviation division of HNA Group has 561 airplanes flying 630 inbound and outbound routes reaching more than 210 cities with annual passenger volume of 68.22 million. Airlines with fleets operated and managed by HNA Group include Hainan Airlines, Tianjin Airlines, Deer Jet, Lucky Air, West Air, Fuzhou Airlines, Urumqi Air, GX Airlines, Yangtze River Express, etc.
Contact:
HNA Group (International) Company Limited
Ms. Abby LEE Tel: (852) 3196 0956 Email: abby.cmlee@hnair.com
Strategic Financial Relations (China) Limited
Ms. Karen HUNG Tel: (852) 2864 4845 Email: karen.hung@sprg.com.hk
Ms. Joanne WONG Tel: (852) 2114 4963 Email: joanne.wong@sprg.com.hk
Topic: Press release summary
Source: HNA Group International Co. Ltd.
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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