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Ontario Pension Teams With DBJ on GE Engine for Boeing

(Corrects headline to show Ontario Teachers’ Pension Plan is partnering with Development Bank of Japan.)

April 21 (Bloomberg) -- Ontario Teachers’ Pension Plan, the largest pension manager in Canada’s most populous province, is partnering with GE Aviation and the Japanese government to finance an engine for Boeing Co.’s newest airliner.

Ontario Teachers’ joins the Development Bank of Japan, a government-owned investment and loan service, for the first time to provide funding, the pension manager said today in a statement. Financial details weren’t disclosed.

The deal helps the Toronto-based pension manager expand its scope in Asia, said Michael Wissell, Ontario Teachers’ senior vice president of public equities.

Jet and turboprop engines provider GE Aviation is a subsidiary of Fairfield, Connecticut-based General Electric Co.. The GE9X engine is being developed for the 777X aircraft, whose initial deliveries are scheduled for 2020. The plane is an updated version of the Malaysian Airline System Bhd. jet that disappeared 45 days ago.

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net Jacqueline Thorpe, Ed Dufner

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