GE Capital Aviation Services (GECAS), a division of General Electric Company (GE Quick QuoteGE - Free Report) , recently announced the delivery of The Boeing Company’s (BA Quick QuoteBA - Free Report) new leased Boeing 787-9 aircraft to Air Canada. This new leased Boeing 787-9 aircraft is powered by General Electric’s GEnx engines. The details of this purchase-and-leaseback deal were kept under wraps.

As part of Air Canada’s deal with Boeing, a second new 787-9 aircraft is scheduled to be delivered in June. The company had placed a total order of 37 Boeing 787 aircraft out of which the current delivery is the 20th to join its fleet.

Founded in 1937, Air Canada is headquartered in Montreal, Quebec. It is the largest domestic and international airline in the country serving over 200 airports across six continents. The airline recorded passenger revenues of approximately CA$13.8 billion in 2015. Till 2015, Air Canada was among the top 20 largest airlines in the world, serving over 41 million customers.

GECAS owns or services a fleet exceeding 2,000 aircraft in operation. Also, it provides loans collateralized on an additional 380 aircraft. The company provides its services to more than 270 customers across 80 countries from a network of 26 offices. Air Canada too has been a long-time customer of GECAS.

General Electric, the parent firm of GECAS, has been manufacturing new-age jet engines that are in high demand among aircraft manufacturers, namely the GEnx, GE90-115B engines and Leap-X.

General Electric carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the industry include Honeywell International Inc. (HON Quick QuoteHON - Free Report) and Koninklijke KPN N.V. (KKPNF Quick QuoteKKPNF - Free Report) . Both these companies carry a Zacks Rank #2 (Buy).

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