ST Aerospace and Marubeni Corp. held joint venture (JV) discussions to form an engine leasing company in Singapore during the show. The new JV company, Total Engine Asset Management Pte Ltd (TEAM), will be equally owned (50:50) by ST Aerospace and Marubeni. Jointly managed by ST Aerospace and Marubeni, TEAM’s initial engine leasing portfolio will include the CFM56-3, CFM56-5B and CFM56-7B engines. The JV plans to invest approximately $100 million worth of assets within the first two years, with equity injection of up to $40 million. TEAM is expected to commence operations in the second half of 2011. The new JV will leverage ST Aerospace’s expertise in total engine support, including engine technical management and engine maintenance-by-the-hour (MBHTM), alongside Marubeni’s extensive experience in financing and marketing knowledge, to bring value added solutions to customers worldwide.