Nordic Aviation Capital (NAC) announced the formation of NAC Materials. The primary focus of the new operation is the sourcing, leasing and trading of larger ticket airframe and engine components for ATR turboprop aircraft, such as propellers, avionics and landing gear. NAC is currently the largest owner of ATR aircraft in the world and has new orders with ATR. In addition, NAC Materials will manage and optimize NAC’s remaining CF34 engine inventory as the firm phases out its E190/195 leased fleet.
“NAC Materials will help minimize lease transition cash costs for us, support our customer base and provide ancillary leasing income and trading gains,” said Brian Power, NAC’s EVP-Fleet Operations. “We’ve done internal inventory management for many years. Since 2022, we have externally traded out many key components and opportunistically built up a leased/green time engine book with an aggregate value of about $80M. Our current staff, supplier/warehouse network and quality control/IT systems can readily support the effort.”
Olivia Grimes, who has been with NAC for 5 years and was formerly with Lufthansa Technik (Shannon) for 19 years, where she had oversight for materials and facilities, has been named Group VP of NAC Materials. She will continue to report to Simon Dine, SVP Engine Operations and formerly a 16-year veteran of GE Aerospace.