Air France-KLM Inks Agreement With CFM For Engine Configuration - Air France (OTC:AFLYY), GE Aero (NYSE:GE), Safran (OTC:SAFRY)

Air France-KLM AFLYY has established an agreement with CFM International to acquire 200 LEAP-1A engines to power its new fleet of Airbus SE EADSY A320neo and A321neo. Financial terms were not disclosed.
CFM International is a 50/50 joint venture between GE Aviation, a division of General Electric Co GE, and Safran Aircraft Engines, a division of Safran SAFRY.
Last December, Air France-KLM ordered 100 Airbus A320neo family aircraft - with purchase rights for 60 additional aircraft, to renew the fleets of KLM and Transavia Netherlands and to renew and expand the fleet of Transavia France.
"Latest generation aircraft like our upcoming A320neo and A321neo enable a 10% unit cost reduction, emit 15% less CO2 and generate 50% less noise, in part thanks to their advanced engines. Through this agreement, Air France-KLM and CFM International are building on their longstanding relationship to make aviation more sustainable," commented Benjamin Smith, CEO of Air France-KLM.
Price Action: AFLYY shares are trading lower by 4% at $1.20, GE lower by 3.75% at $61.16, and SAFRY lower by 5.73% at $23.60 on the last check Tuesday.