US lessor GATX plans to sell its older aircraft, or about 23% of its fleet, as part for a focus on newer, more profitable aircraft.

The company in a statement today values the aircraft at $450 million. GATX adds that the sale will generate a charge of between $110 million and $130 million in its fourth quarter 2005 financial; most sales are expected be completed by the end of next year.

“Focusing our owned portfolio on newer aircraft will reduce earnings volatility and allow us to allocate more resources to our aircraft management initiatives,” says GATX chairman and CEO Brian Kenney.

The lessor does not specify which aircraft will be sold, who the purchasers will be or its any lessees will be affected.

According to AvSoft’s ACAS database it appears GATX will probably target its Boeing 737-200, 737-300, 737-400, MD-80-83 fleet as well as its Airbus A310-304 and some older A320 models.

Source: Flight International