Air Lease Corporation has finalized its order for additional CFM International LEAP-1B engine to power 12 new Boeing 737 MAX aircraft, including five 737 MAX 7 and seven MAX 8 aircraft. The engine order is valued at $348 million U.S. at list price and deliveries are scheduled to begin in 2022.

“The LEAP-1B-powered Boeing 737 MAX aircraft is a key element in our portfolio,” said John L. Plueger, Air Lease Corporation Chief Executive Officer and President. “These advanced technology engines are delivering 15 percent better fuel efficiency and world-class reliability, both of which are paramount to the operational stability and success of our airline customers.”

Air Lease Corporation (ALC) specializes in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized leasing and financing solutions.

“The LEAP-1B is performing exceptionally well in airline services,” said Gaël Méheust, president and CEO of CFM International.

“Reliability and operating economics are more important for airlines than ever. This continued vote of confidence from ALC signifies that they recognize the value that the LEAP-1B is delivering on both of those metrics.”