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(Alliance News) - Avation PLC said Friday it has completed the purchase of its first engine to lease to commercial aircraft operators.
The aircraft leasing firm said the engine can be leased as a spare engine.
"The acquired engine is virtually new having only completed 54 hours and is a Pratt and Whitney Canada PW127M," Avation said.
Executive Chair Jeff Chatfield added: "The company believes the line of engine leasing will be modestly accretive to its business and tactically useful in support of its own and its customers' fleets from time to time. The Avation marketing team is in the process of establishing marketing plans for engine leasing and establishing the sales and marketing process."
Shares in Avation were 0.6% lower in London on Friday at 295.60 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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