ITOCHU Corporation has established a new aircraft leasing subsidiary, IC Aero. The Tokyo-based subsidiary will expand the company's aircraft leasing business.
ITOCHU has operated an aircraft leasing business covering aircraft procurement, the ownership of aircraft and related assets, aircraft sales and lease management services since the 1970s. The business had targeted domestic and overseas customers investing in aircraft. ITOCHU had invested in aircraft aftermarket supplier Killick Aerospace last year.
With the new subsidiary, the company will provide leasing services to more customers including airlines in both Japan and globally.
“ITOCHU will establish a unique and sustainable aircraft value chain covering the entire aircraft life cycle from new production to end-of-life and retirement,” the company read in a statement.
The company said the post-pandemic air passenger demand recovery, coupled with the higher concentration of leased aircraft being operated by airlines, had driven the decision to launch the subsidiary.
IC Aero will be led by CEO and president Sen Shimizu.