Itochu to buy 50% of US aircraft lessor Aviation Capital from Tokyo Century

TOKYO, Aug 3 : Japanese trading house Itochu will buy 50 per cent of U.S. aircraft leasing business Aviation Capital Group (ACG) from Tokyo Century for $1.946 billion, it said on Monday, expanding its aviation operations on expectations of continued growth in the leasing market.• Itochu said the deal will also give it a role in the management of ACG, which is wholly owned by a Tokyo Century subsidiary.• Itochu leases more than 90 aircraft and engines to airlines worldwide.• Itochu has identified aviation as a key growth area and expects the acquisition to accelerate the expansion of related businesses and establish aviation as a new earnings pillar, Chief Financial Officer Hiroyuki Naka told a news conference. • The company aims to boost profit from its aviation-related business to 50 bill