US financial firm Philip Morris Capital Corporation is handing management responsibility for its entire 119-aircraft fleet to SkyWorks Leasing under a comprehensive agreement.

The management and remarketing deal covers a range of services including technical management, supervision, sales and re-leasing.

Philip Morris' fleet is deployed in its entirety on long-term leases with such carriers as United Airlines, Continental Airlines, Northwest Airlines, US Airways and American Airlines.

It has a broad range of aircraft including Boeing 747-400 and Airbus A300-600 freighters, Boeing 757s, 737s and MD-80s, Airbus A320-family jets and Embraer ERJs.

"Over the past several years we have been building resources and expertise with a view to handling exactly this type of engagement," says SkyWorks Leasing president Anders Hebrand.

Connecticut-based SkyWorks previously oversaw about 30 aircraft including Boeing 767s, 757s, 737s, MD-80s and Airbus A319s.

Philip Morris Capital Corporation, which is also located in Connecticut, is owned by Altria Group and has a diverse asset portfolio including real estate, manufacturing and power-generation facilities.

Source: Air Transport Intelligence news