International Lease Finance Corp. (ILFC), an aircraft leasing and remarketing firm, will remain a core holding of insurance giant American International Group, Inc. (AIG).
Robert B. Willumstad, AIG chairman and chief executive officer, and Steven F. Udvar-Hazy, ILFC chairman and chief executive officer, said they have agreed that ILFC should remain part of AIG following a just-concluded business review.
Following his June 15 election as CEO of AIG, Willumstad announced that he would conduct a comprehensive review of AIG’s businesses.
“Steve Udvar-Hazy and I concluded that a review of ILFC should be a priority so there will not be uncertainty about this important business,” Willumstad said. “After reviewing an analysis of ILFC’s business and the value of AIG as a corporate parent, we both concluded that ILFC should be part of the AIG portfolio.
“ILFC is the leading company in its business and it is in the best interests of both AIG and ILFC for ILFC to be a part of AIG. AIG will continue to work with ILFC’s leadership on ways to enhance ILFC’s business to the benefit of both organizations. ILFC is well positioned with a strong management team, sound customer base, geographic diversification and a market-leading portfolio of aircraft,” Willumstad added.
Mr. Udvar-Hazy said that as a result of its relationship with AIG, ILFC can capitalize on business opportunities when others cannot. “Together, we have identified opportunities to improve the global competitiveness of ILFC, which we believe will generate additional value both to AIG and ILFC,” he said.
Source: American International Group, Inc.